Elena who has no other sales or exchanges and no norecaptured Sec. 1242 losses, sells three tracts of land that are user in her trade or business. Elena is single, and her taxable income is $160,000 without considering the following sales.

Elena, who has no other salos or exchanges and no onrecaptured See 123 let, sells the tracts of land that are used in her trade or business Elona is go, and her taxati come is $100.000 without considering the following salos. Click to can'to view additional information) Click the icon to ww the capital gains and dividende rate) cick to view the cratestitie) Read the roulements Requirement a. What is the names in her as a result of the three More Info X Hart will incrusty Requirement. If the dig mod for the months, what is the case in het result of the trees Three 123 ganistan Assut 1-510.000 ganandolong period of 20 months Asset 2 519.000 loss and holding period of 25 months Ase58,000 gain and holding period of 13 mois Requirement. Sure sporta skot har taxable incore 5520.000 Print Done Choose from any lutory number in the outs and then continue to the next question Reference Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2020) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferencial Rate Single Filing Jointly Head of Household 0% Up to $40,000 Up to $80,000 Up to $53,600 15% > $40,000 but not over $441,450 > $80,000 but not over $490,000 > $53,800 but not over $469,050 20% Over $441,450 Over $496,600 Over $469,050 The corresponding amounts of married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $10,000 if married filing separately Print Done Reference Single If taxable income is: The tax is: Not over $9,875 10% of taxable income. Over $9,875 but not over $40,125 ....... $987.50 + 12% of the excess over $9,875. Over $40,125 but not over $85,525, ...... $4,617.50 + 22% of the excess over $40,125. Over $85,525 but not over $163,300 . $14,605.50 +24% of the excess over $85,525. Over $163,300 but not over $207,350 $33,271.50 + 32% of the excess over $163,300. Over $207,350 but not over $518,400 $47,367.50 + 35% of the excess over $207,350. Over $518,400 $156,235.00 + 37% of the excess over $518,400. ....... Print Done Requirement a. What is the increase in her taxes as a result of the three sales? Her taxes will increase by Requirement b. If the holding period for Asset #2 is nine months, what is the decrease in her taxes as a result of the three sales? Her taxes will decrease by %, resulting in tax of The net Sec. 1231 gain is taxed at and her tax is reduced by Requirement c. Same as part a except her taxable income is $520,000. Choose from any list or enter any number in the input fields and then continue to the next question X 1. More Info Asset #1$ 16,000 gain and holding period of 20 months Asset #2$19,800 loss and holding period of 25 months Asset #3$8,000 gain and holding period of 13 months Print Done - Reference Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2020) for gains on assets held one year or less 28% rate on collectibles gains and includiblo Soc. 1202 gains Preferential tax rates for gains on assets hold for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferencial Rate Single Filing Jointly Head of Household 0% Up to $40,000 Up to $80,000 Up to $53,600 15% > $40.000 but not over $441,450 > $80,000 but not over $496,000 >> $53.000 but not over $109,050 20% Over $441,450 Over $496.600 Over $469,050 The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $40,000 i married filin separately Print Done Reference If taxable income is: ..... .... Not over $9,875 Over $9,875 but not over $40,125 Over $40,125 but not over $85,525, Over $85,525 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518,400 Over $518,400 Single The tax is: 10% of taxable income. $987.50 + 12% of the excess over $9,875. $4,617.50 + 22% of the excess over $40,125. ..... $14,605.50 +24% of the excess over $85,525. $33,271.50 + 32% of the excess over $163,300. $47,367.50 + 35% of the excess over $207,350. $156,235.00 + 37% of the excess over $518,400, ... ... Print Done Elena, who has no other salos or exchanges and no onrecaptured See 123 let, sells the tracts of land that are used in her trade or business Elona is go, and her taxati come is $100.000 without considering the following salos. Click to can'to view additional information) Click the icon to ww the capital gains and dividende rate) cick to view the cratestitie) Read the roulements Requirement a. What is the names in her as a result of the three More Info X Hart will incrusty Requirement. If the dig mod for the months, what is the case in het result of the trees Three 123 ganistan Assut 1-510.000 ganandolong period of 20 months Asset 2 519.000 loss and holding period of 25 months Ase58,000 gain and holding period of 13 mois Requirement. Sure sporta skot har taxable incore 5520.000 Print Done Choose from any lutory number in the outs and then continue to the next question Reference Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2020) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferencial Rate Single Filing Jointly Head of Household 0% Up to $40,000 Up to $80,000 Up to $53,600 15% > $40,000 but not over $441,450 > $80,000 but not over $490,000 > $53,800 but not over $469,050 20% Over $441,450 Over $496,600 Over $469,050 The corresponding amounts of married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $10,000 if married filing separately Print Done Reference Single If taxable income is: The tax is: Not over $9,875 10% of taxable income. Over $9,875 but not over $40,125 ....... $987.50 + 12% of the excess over $9,875. Over $40,125 but not over $85,525, ...... $4,617.50 + 22% of the excess over $40,125. Over $85,525 but not over $163,300 . $14,605.50 +24% of the excess over $85,525. Over $163,300 but not over $207,350 $33,271.50 + 32% of the excess over $163,300. Over $207,350 but not over $518,400 $47,367.50 + 35% of the excess over $207,350. Over $518,400 $156,235.00 + 37% of the excess over $518,400. ....... Print Done Requirement a. What is the increase in her taxes as a result of the three sales? Her taxes will increase by Requirement b. If the holding period for Asset #2 is nine months, what is the decrease in her taxes as a result of the three sales? Her taxes will decrease by %, resulting in tax of The net Sec. 1231 gain is taxed at and her tax is reduced by Requirement c. Same as part a except her taxable income is $520,000. Choose from any list or enter any number in the input fields and then continue to the next question X 1. More Info Asset #1$ 16,000 gain and holding period of 20 months Asset #2$19,800 loss and holding period of 25 months Asset #3$8,000 gain and holding period of 13 months Print Done - Reference Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2020) for gains on assets held one year or less 28% rate on collectibles gains and includiblo Soc. 1202 gains Preferential tax rates for gains on assets hold for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferencial Rate Single Filing Jointly Head of Household 0% Up to $40,000 Up to $80,000 Up to $53,600 15% > $40.000 but not over $441,450 > $80,000 but not over $496,000 >> $53.000 but not over $109,050 20% Over $441,450 Over $496.600 Over $469,050 The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $40,000 i married filin separately Print Done Reference If taxable income is: ..... .... Not over $9,875 Over $9,875 but not over $40,125 Over $40,125 but not over $85,525, Over $85,525 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518,400 Over $518,400 Single The tax is: 10% of taxable income. $987.50 + 12% of the excess over $9,875. $4,617.50 + 22% of the excess over $40,125. ..... $14,605.50 +24% of the excess over $85,525. $33,271.50 + 32% of the excess over $163,300. $47,367.50 + 35% of the excess over $207,350. $156,235.00 + 37% of the excess over $518,400, ... ... Print Done