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During the current year, Han and Leia sold the following assets: Asset Market Value Tax Basis Holding Period Chewbacca stock 52,000 38,000 > 1 year

During the current year, Han and Leia sold the following assets:

Asset

Market Value

Tax Basis

Holding Period

Chewbacca stock

52,000

38,000

> 1 year

C-3PO stock

21,000

39,000

> 1 year

Qui-gon stock

42,000

32,000

< 1 year

Death Star stock

16,000

39,000

< 1 year

Antique light saber collection

15,000

33,000

> 1 year

Apartment complex*

328,000

148,000

> 1 year

*$100,000 of the gain is 25 percent gain (Section 1250 recapture).

Han and Leia have other income of $135,000 in wages and $5,600 of qualifying dividends before considering the tax effect of their asset sales.

What is their tax liability for 2020 assuming they file a joint return?

Tax Liability:

What is their net short term/long term gains and losses

Short Term

28%

25%

0/15/20%

Use the table below to show your work for the net Capital Gains/Losses. Omitting this information will result in points being deducted.

Asset

Short Term

28%

25%

0/15/20%

SHOW WORK PLEASE

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