Bertoning and marginas come tax brace has the sales ng of the year he has norecaptured net Sec 1231 of 18.000. Review the foowing independent sales or Cac the won to view the independent ses or exchanges) the icon to view the catalans and videos atesta e con to view the latest ) C Read the requirement Data Table hus a. Sells equipment used in his trade or business for $85,000. The equipment was purchased for $145,000 and depreciation allowed amounts to $96,000. b. Sells land used in his trade or business for $86,000. The land was purchased four years ago for $60,000. c. He sells a building used in his trade or business for $188,000. The building was purchased in 1997 for $268,000 and depreciation allowed amounts to $126,000 d. Same as part c except he sells the building for $134,000. tax! Print Done Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2019) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec, 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and fling status as shown in the following table: Preferencial Rate Single Filing Jointly Head of Household Up to $39,475 Up to $39,475 Up to $39,475 > $39,475 but not over $39,475 > $39,475 but not over $39,475 > $39,475 but not over $39,475 20% Over $39,475 Over $39,475 Over $39,475 The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $39,475 if married filling separately 0% 15% en the Print None U neleience If taxable income is: Not over $9,700 Over $9,700 but not over $39,475 Over $39,475 but not over $84,200 Over $84,200 but not over $160,725 Over $160,725 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 Single The tax is: . 10% of taxable income. . $970.00 + 12% of the excess over $9,700. ..... $4,543.00 + 22% of the excess over $39,475. .... $14,382.50 +24% of the excess over $84,200. ... $32,748.50 + 32% of the excess over $160,725. ... $46,628.50 + 35% of the excess over $204,100. . . $153,798.50 +37% of the excess over $510,300. Print Done med Benton is single and is in the 32% marginal income tax bracket. He has the sales or exchanges below. At the beginning of the year, he has nonrecaptured net Sec. 1231 losses of $18,000. Review the following independent sales or exchanges. (Click the icon to view the independent sales or exchanges.) Click the icon to view the capital gains and dividends rates table.) Bertoning and marginas come tax brace has the sales ng of the year he has norecaptured net Sec 1231 of 18.000. Review the foowing independent sales or Cac the won to view the independent ses or exchanges) the icon to view the catalans and videos atesta e con to view the latest ) C Read the requirement Data Table hus a. Sells equipment used in his trade or business for $85,000. The equipment was purchased for $145,000 and depreciation allowed amounts to $96,000. b. Sells land used in his trade or business for $86,000. The land was purchased four years ago for $60,000. c. He sells a building used in his trade or business for $188,000. The building was purchased in 1997 for $268,000 and depreciation allowed amounts to $126,000 d. Same as part c except he sells the building for $134,000. tax! Print Done Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2019) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec, 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and fling status as shown in the following table: Preferencial Rate Single Filing Jointly Head of Household Up to $39,475 Up to $39,475 Up to $39,475 > $39,475 but not over $39,475 > $39,475 but not over $39,475 > $39,475 but not over $39,475 20% Over $39,475 Over $39,475 Over $39,475 The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $39,475 if married filling separately 0% 15% en the Print None U neleience If taxable income is: Not over $9,700 Over $9,700 but not over $39,475 Over $39,475 but not over $84,200 Over $84,200 but not over $160,725 Over $160,725 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 Single The tax is: . 10% of taxable income. . $970.00 + 12% of the excess over $9,700. ..... $4,543.00 + 22% of the excess over $39,475. .... $14,382.50 +24% of the excess over $84,200. ... $32,748.50 + 32% of the excess over $160,725. ... $46,628.50 + 35% of the excess over $204,100. . . $153,798.50 +37% of the excess over $510,300. Print Done med Benton is single and is in the 32% marginal income tax bracket. He has the sales or exchanges below. At the beginning of the year, he has nonrecaptured net Sec. 1231 losses of $18,000. Review the following independent sales or exchanges. (Click the icon to view the independent sales or exchanges.) Click the icon to view the capital gains and dividends rates table.)
