Essentials of Federal Income Taxation be a 8. Capital Gains Tax. (Obj. 4) During 2020, Taylor sells two capital assets. The first results in a $9,000 short-term capital gain. The second results in a $2,600 long-term capital loss. Taylor's AGI without taking these gains and losses into consideration is $125,444 (no qualified dividends). Taylor files as a qualifying widow(er) and deducts the standard deduction, Compute Taylor's 2020 income tax liability. lig 000