Consider the following assumed case:

1. Tom, single, 32 years old, conducted day trading and had a net trading profit of $30,000 in 2020.
2. Tom had no other income in 2020.
3. The federal income and capital gains tax rate was a flat rate of 25% without any standard or itemized deductions.

Is it possible that Tom owed the IRS $100,000 in federal income taxes in 2020? If yes, demonstrate numerically how it can be the case. Your numerical answer should relate to $30,000 in profits and $100,000 in taxes. How much is the amount of gross profits and how much is the amount of gross losses? Show your work and highlight your final answers.