ANSWER AA SOON AS POSSIBLE - ONE QUESTION

Jane and Blair are married taxpayers filing jointly and have 2020 taxable income of $107,000. The taxable income includes $5,000 of gain from a capital asset held five years, $2,100 of gain from a capital asset held seven months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of $3,000. Click here to access the tax rate schedules to use for this problem. Indicate whether the following items are subject to the alternative tax computation. Select "Yes" if subject to the alternative tax computation; otherwise select "No". a. $5,000 of gain from a capital asset held five years Yes b. $13,000 of gain from a capital asset held four years Yes c. $3,000 of qualified dividend income Yes d. $2,100 of gain from a capital asset held seven months No What is the couple's tax on taxable income and the related tax savings from the alternative tax computation (if any)? The couple's tax on taxable income using the alternative tax calculations is $ 13,949 X. . The related tax savings from the alternative tax computation is $ 1,470 2020 Tax Rate Schedules of the amount over- $ 14,100 Head of household Schedule Z If taxable income is: But not Over- over- The tax is: $ 0 $ 14,100 ......... 10% 14,100 53,700 $ 1,410.00 + 12% 53,700 85,500 6,162.00 + 22% 85,500 163,300 13,158.00 + 24% 163,300 207,350 31,830.00 + 32% 207,350 518,400 45,926.00 + 35% 518,400 154,793.50 + 37% Married filing separatelySchedule Y-2 53,700 85,500 163,300 Single-Schedule X If taxable of the income is: But not amount Over- over- The tax is: over- $ 0 $ 9,875 10% $ 9,875 40,125 $ 987.50 + 12% 9,875 40,125 85,525 4,617.50 + 22% 40,125 85,525 163,300 14,605.50 + 24% 85,525 163,300 207,350 33,271.50 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 518,400 156,235.00 + 37% 518,400 Married filing jointly or Qualifying widow(er), Schedule Y-1 If taxable of the income is: But not amount Over- over- The tax is: over- $ 0 $ 19,750 ......... 10% $ 0 19,750 80,250 $ 1,975.00 + 12% 19,750 80,250 171,050 9,235.00 + 22% 80,250 171,050 326,600 29,211.00 + 24% 171,050 326,600 414,700 66,543.00 + 32% 326,600 414,700 622,050 94,735.00 + 35% 414,700 622,050 167,307.50 + 37% 622,050 207,350 518,400 If taxable income is: Over- But not over- of the amount over- The tax is: $ 0 $ 9,875 .........10% $ 0 9,875 40,125 $ 987.50 + 12% 9,875 85,525 4,617.50 + 22% 40,125 14,605.50 + 24% 40,125 85,525 163,300 207,350 311,025 163,300 207,350 33,271.50 + 32% 47,367.50 + 35% 85,525 163,300 207,350 311,025 311,025 83,653.75 + 37%