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Anakin and Renee are married filing jointly. They sold stock that they held for 7 months for $40,000. Their basis in the stock was $2,000.
Anakin and Renee are married filing jointly. They sold stock that they held for 7 months for $40,000. Their basis in the stock was $2,000. They also sold stock that they held for 2 years for $40,000. Their basis in the stock was $45,000. Anakin and Renee sold their dining room table for $12,000 after owning it for 3 years. Their basis in the table was $15,000. Finally, they sold stock that they held for 11 years for $54,000. Their basis in the stock was $14,000. If Anakin and Renee have taxable income of $500,000, how much tax will they owe on these transactions only
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