Carl has the following situation as a single taxpayer:

Taxable Income not counting property transactions: $$100,000$

Schedule C: Sale of Equipment:

Gain $=$$$12,000.$

Stock sale:

Original Cost $,$$$15,000$

Sales Price $,$$$30,000$

Holding Period $>1$ year

Rental Property:

What is Carl's Total Tax amount using $2023$ tax rates?

$($Assume no phase$-$outs or other adjustments to taxable income due to the property transactions$).$

Discuss the formula for determining basis in an asset if it was received in a tax deferred

transaction $($i$.$e$.,$ property received in a like$-$kind exchange, stock received in a Section $351$

transaction, etc.$)$: