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Aram's taxable income before considering capital gains and losses is $71,000. Determine Aram's taxable income and how much of the income will be taxed
Aram's taxable income before considering capital gains and losses is $71,000. Determine Aram's taxable income and how much of the income will be taxed at ordinary rates in each of the following alternative scenarios (assume Aram files as a single taxpayer). Required: a. Aram sold a capital asset that he owned for more than one year for a $5,220 gain, a capital asset that he owned for more than one year for a $610 loss, a capital asset that he owned for six months for a $1,420 gain, and a capital asset he owned for two months for a $1,010 loss. b. Aram sold a capital asset that he owned for more than one year for a $2,110 gain, a capital asset that he owned for more than one year for a $2.720 loss, a capital asset that he owned for six months for a $310 gain, and a capital asset he owned for two months for a $2,120 loss. c. Aram sold a capital asset that he owned for more than one year for a $2,610 loss, a capital asset that he owned for six months for a $4,420 gain, and a capital asset he owned for two months for a $410 loss. d. Aram sold a capital asset that he owned for more than one year for a $3,330 gain, a capital asset that he owned for more than one year for a $410 loss, a capital asset that he owned for six months for a $310 gain, and a capital asset he owned for two months for a $2,120 loss. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Aram sold a capital asset that he owned for more than one year for a $5,220 gain, a capital asset that he owned for more than one year for a $610 loss, a capital asset that he owned for six months for a $1,420 gain, and a capital asset he owned for two months for a $1,010 loss. Taxable income 71,000 Income taxed at ordinary rates S 73,180
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