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During 2 0 2 3 , Allison is single with no dependents and had $ 2 0 6 , 0 0 0 of taxable income

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During 2023, Allison is single with no dependents and had $206,000 of taxable income before considering the following property related items:Taxable income before considering the following property related items:206,000 Part A. Fill in the amount realized, adjusted basis, realized gain (loss) and character of the gain or loss in the boxes below# sharesselling pricecost priceAmount RealizedAdjusted BasisRealized Gain (Loss) or IncomeCharacter (15%,25%,28%, ordinary, STCL)1Received qualified dividends from Company X of $3,100.3,1002Sold 1,600 shares of Company Y on October 20,2023 for $82 per share. The stock was purchased on April 10,2018 for $61 per share.1,60082613Sold 900 shares of Company Z on November 25,2023 for $64 per share. The stock was purchased on March 15,2023 for $73 per share.90064734Sold a stamp collection on June 9,2023 for $11,900. The stamp collect was inherited on February 5,2009 when it was valued at $7,600. It originally cost $4,900.5A 25% gain (unrecaptured 1250 gain) of $7,300.(This is a long-term capital gain taxed at 25%.)7,300Total gain (loss) from property transactionsTaxable income before considering the following property related items:206,000Taxable IncomeA + BPortion of TI taxed at preferential ratesBPortion of TI taxed as ordinary incomeAPart B. Calculate the taxable income, portion of TI that is taxed as ordinary income, the portion of TI that will be taxed with LTCGs at preferential tax rates (not taxed as ordinary income), and tax on taxable income before credits:STCL15%25%28%TotalPortion of TI taxed as ordinary incomeATax on ordinary incomeData from tax rate scheduleTax on LTCGsCPortion of TI taxed at preferential ratesATax on taxable income before creditsDTax on LTCGsCSummary Table2023Taxable Income (TI)A + BPortion of TI that is taxed at ordinary income ratesAPortion of TI that is taxed at preferential rates (with LTCG, not taxed as ordinary income)BTax on taxable income before credits (alternative tax on taxable income)D
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