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B. Ron and Anne taxable income of 400,000(all ordinary) before considering the tax effect of their asset sales, what is there gross tax liability for
B. Ron and Anne taxable income of 400,000(all ordinary) before considering the tax effect of their asset sales, what is there gross tax liability for 2019 assuming the file joint
capital asset MV tax basis holding period
l | 50000 | 41000 | >1 |
m | 28000 | 39000 | >1 |
n | 30000 | 22000 | <1 |
o | 26000 | 33000 | <1 |
antiques | 7000 | 4000 | >1 |
rental | 300,000 | 90000 | >1 |
description | Short term | Long term 28 | Long term 25 | Long term 0/15/20 |
Net short term on N&O | ||||
Antiques | ||||
Unrecaptured 1250 gain | ||||
Remaining gain on rental | ||||
Net of stocks L & O | ||||
Step 2 | ||||
Step 5 | ||||
Income before capital | ||||
Total taxable income |
tax using table on non cap income | 90953 |
0/15/20 stuff taxed at 15% | |
0/15/20 taxed at 20% | |
cap gain taxed at 25% | |
cap gain taxed at 28% | 840 |
Total tax | |
Cutoff | 488,850 |
ordinary income | 401,000 |
amount of 0/15/20 taxed at 15% | |
tax at 15% | |
total 0/15/20 capital gain | |
Less: amount 0/15/20 gain taxed at 20 | |
tax at 20% | |
Total tax on 0/15/20 stuff |
tax of 90953 is of 401,000 taxable income, the 840 is right
I need it done in this format for 2019 tax year
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