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Henry, a single taxpayer with a marginal tax rate of 35 percent(taxable income is $319,000 before considering any of the items below), sold the following
Henry, a single taxpayer with a marginal tax rate of 35 percent(taxable income is $319,000 before considering any of the items below), sold the following assets during the year:
Asset Sale Price Tax Basis Gain/Loss Holding Period ABC Stock $ 53,800 $ 26,900 $ 26,900 More than One Year XYZ Stock $ 15,800 $ 11,850 $ 3,950 Less than One Year Stamp Collection $ 13,800 $ 6,900 $ 6,900 More than One Year RST Stock $ 16,800 $ 22,800 $ (6,000) Less than One Year Rental Home $ 103,800 $ 51,900* $ 51,900 More than One Year
*$25,950 of the gain is a 25 percent gain. The remaining gain is 0/15/20 percent gain.
What tax rate(s) will apply to Henry's capital gains or losses?
Henry, a single taxpayer with a marginal tax rate of 35 percent(taxable income is $319,000 before considering any of the items below), sold the following assets during the year:
| Asset | Sale Price | Tax Basis | Gain/Loss | Holding Period |
|---|---|---|---|---|
| ABC Stock | $ 53,800 | $ 26,900 | $ 26,900 | More than One Year |
| XYZ Stock | $ 15,800 | $ 11,850 | $ 3,950 | Less than One Year |
| Stamp Collection | $ 13,800 | $ 6,900 | $ 6,900 | More than One Year |
| RST Stock | $ 16,800 | $ 22,800 | $ (6,000) | Less than One Year |
| Rental Home | $ 103,800 | $ 51,900* | $ 51,900 | More than One Year |
*$25,950 of the gain is a 25 percent gain. The remaining gain is 0/15/20 percent gain.
What tax rate(s) will apply to Henry's capital gains or losses?
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