For questions 1-3, consider the following scenario.

In 2022, Sukhoi had four sales of investments resulting in capital gains and (losses) as follows: $2,600 LTCG, $24,400 STCG, ($9,600) LTCL, and ($15,600) STCL. After following the appropriate netting rules, what is the amount and nature of her capital gains and losses?

1. What is Sukhoi's net short-term capital gain/(loss)? (10 point)

1. What is Sukhoi's net long-term capital gain/(loss)? (10 point)

1. What is Sukhoi's net overall capital gain/(loss)? (10 point)

For questions 4-8, consider the following scenario.

In 2023, Farnsworth is single and his taxable income is $535,000, which includes $75,000 of long-term capital gains on the sale of artwork and $300,000 of long-term capital gain from the sale of stock.

1. What is Farnsworth's ordinary income for 2023? (10 points)

1. What is Farnsworth's ordinary tax liability for 2023? (10 points)

1. What is Farnsworth's tax on the gain from selling the artwork in 2023? (20 points)

1. What is Farnsworth's tax on the net long-term capital gain in 2023? (20 points)

1. What is Farnsworth's income tax liability in 2023? (10 points)