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During the current year, Han and Leia sold the following asset market value tax basis holding period Chewbacca stock 52000 38000 > 1 year c-3PO
During the current year, Han and Leia sold the following
asset | market value | tax basis | holding period |
Chewbacca stock | 52000 | 38000 | > 1 year |
c-3PO stock | 21000 | 39000 | > 1 year |
qui-gon stock | 42000 | 32000 | < 1 year |
Death Star stock | 16000 | 39000 | < 1 year |
antique light saber collection | 15000 | 33000 | > 1 year |
apartment complex* | 328000 | 148000 | > 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% |
PLEASE SHOW ALL WORK!
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