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During 2020, Scrooge McDuck has the following gains and losses: LTCG (long-term capital gain) $ 7,425 STCG (short-term capital gain) 3,650 STCL (short-term capital loss)
During 2020, Scrooge McDuck has the following gains and losses:
LTCG (long-term capital gain)
$ 7,425
STCG (short-term capital gain)
3,650
STCL (short-term capital loss)
4,800
LTCL (long-term capital loss)
1,385
a.How much is McDuck's tax liability if he is in the 10% tax bracket?
b.How much is McDuck's tax liability if he is in the 24% tax bracket (not 10%)?
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