accounting answer all questions set 2

Q5 (Capital Gains and Losses: Netting Process) Clint Eastwood (single) has l) 28% long-term gain "S62,000", 2) 28% long-term loss "321,000", 3) 0%/15%/20% long-term gain "S64000", 4) short-term gain "S5,000", and 5) short-term loss "$53,000". Determine the net capital gain (loss) for Clint Eastwood. n 235, Sieen Spililcanet bhon-tems and $17,0of (Tax Treatment of Capital Losses) In 2015, Steven Spielberg (single) has $5,000 of net short-term capital loss and $17,000 of net long-term capital loss. In 2016, he has S2,000 of net short-term capital gain, $8,000 of net 28% long-term capital gain, and S4,000 of net 0%/15% 20% long-term capital gain. Determine the type (short-term or long-term) and amount of capital loss to be carried forward to 2016 and 2017, respectively Q7 (Tax Treatment of Capital Losses) In 2015, George Lucas (surviving spouse) has $3,900 STCL carryover and $6,000 LTCL carryover from 2014. He also has S500 of STCG, S 10,000 of 28% net LTCG, SI,000 of 096/15%20% of net LTCG in 2015. Determine George's l) net STCG, 2) net 28% LTCG, and 3) net 0%/15%/20% LTCG for 2015 tax return. geng2015 Q8 (Tax Treatment of Capital Gains) During 2015, Michael Bay (head of household) has taxable income of $60,000, including a $50,000 net long.tem capital gain. The $50,000 net long-term capital gain is made up of $35,000 of 28% gain, and $15,000 of 0915%20% gain. 1. Calculate Michael's tax liability based on taxable income of S60,000 ignoring the alterative tax formula. 2. Calculate Claudia's tax liability based on taxable income of $60,000 using the alternative tax formula. 3. Compare your calculated tax liability ignoring the alternative tax formula and the tax liability using the altenative tax formula. Which one has smaller tax liability? Does the complex alternative tax formula beips taxpayers