Question
Bob has the following transactions during the year. His marginal tax rate is 37%. Compute the amount of tax that is due on these transactions.
Bob has the following transactions during the year. His marginal tax rate is 37%. Compute the amount of tax that is due on these transactions. After completing this chart, follow the netting process and then compute the tax.
Asset | Date Acquired | Date Sold | Basis | Sales Price | Amount of Gain or Loss | ST or LT | Character | Rate |
Collectible Statue of Elvis | 10/25/2019 | 07/21/2020 | 28,000 | 32,500 |
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Santa, Inc Stock | 06/09/2020 | 12/20/2020 | 19,000 | 15,500 |
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Coin collection | 01/01/1986 | 05/06/2020 | 40,000 | 35,000 |
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Browns, Inc Stock | 11/22/2019 | 10/15/2020 | 10,000 | 11,500 |
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Personal Residence* | 01/03/2014 | 08/05/2020 | 150,000 | 375,000 |
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Blue Jackets Stock | 09/29/2018 | 09/17/2020 | 25,000 | 18,000 |
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Personal automobile | 01/05/2017 | 01/10/2020 | 35,000 | 12,000 |
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Cheddars Stock | 03/07/2017 | 11/20/2020 | 45,000 | 60,000 |
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* Bob has lived in the house from the time he purchased it until he sold it.
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