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Aram's taxable income before considering capital gains and losses is $79,000. Determine Aram's taxable income and how much of the income will be taxed at
Aram's taxable income before considering capital gains and losses is $79,000. 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).
- Aram sold a capital asset that he owned for more than one year for a $5,380 gain, a capital asset that he owned for more than one year for a $690 loss, a capital asset that he owned for six months for a $1,580 gain, and a capital asset he owned for two months for a $1,090 loss.
- Aram sold a capital asset that he owned for more than one year for a $2,190 gain, a capital asset that he owned for more than one year for a $2,880 loss, a capital asset that he owned for six months for a $390 gain, and a capital asset he owned for two months for a $2,280 loss.
- Aram sold a capital asset that he owned for more than one year for a $2,690 loss, a capital asset that he owned for six months for a $4,580 gain, and a capital asset he owned for two months for a $490 loss.
- Aram sold a capital asset that he owned for more than one year for a $3,570 gain, a capital asset that he owned for more than one year for a $490 loss, a capital asset that he owned for six months for a $390 gain, and a capital asset he owned for two months for a $2,280 loss.
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