i need 48b but done in this format i believe that the long term 25% is 30,000 and the first one in long term 0\15/20 is 180k but idk how to get that either

On 7-4 irst, set up the gains and losses by categories, using this format: Long-term 2596 Long-term 28%6 Long-term 0/15/206 Short Term Deseription Step 1: Net Short-term on N8O Antiques Unrecaptured 1250 Gain Remaining goin fram rental property Net of Stocks L&O Step 2 Step 38: Go to Step 6 Step 4: Go to Step 5 Finish at Step 5 Income bafere capital stuff Total Taxable Income 400,000 Then, use this table to determine the tax ewed. We could use the Line 12a works Tax Using Table on non-cap gain income 0/15/20 stuff taxed at 15% 0/15/20 stuff taxed at 20% Cap gain taxed at 25% Cap gain taxed at 28% Tax on 401,000 See bekow See below unrecaptured: given Antique gain Total Tax Cutoff 488,850 401,000 Ordinary Income Amount of 0/15/20 stuff taxed at 15 % Tax at 15% Total 0/15/20 capital gain Less: Amount taxed at 15 % ( from above) Equals: Amount of 0/15/20 gain taxed at 20 % Tax at 20 % Total tax on 0/15/20 stuff Stock D 8/20/2019 Stock E a) What is Grayson's net short-term capital gal. b) What is Grayson's net long-term gain or loss from the c) What is Grayson's overall net gain or loss from these transaction d) What amount of the gain, if any, is subject to the preferential rate for cert 47. George bought the following amounts of Stock A over the years: Adjusted Basis $24,000 9,000 capital gains? Number of Shares Date Purchased 1,000 500 11/21/1993 3/18/1999 5/22/2008 Stock A Stock A Stock A 27,000 750 a) How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold? On October 12, 2019, he sold 1,200 of his shares of Stock A for $38 per share. b) How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 750 shares from the 5/22/2008 purchase and 450 shares from the 11/21/1993 purchase? 48. During the current year, Ron and Anne sold the following assets: Capital Asset Holding Period Basis Market Value L stock $41,000 39,000 22,000 33,000 4,000 90,000 > 1 year >1 year 1 year >1 year $30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). a) Given that Ron and Anne have taxable income of only $20,000 (all ordinary) be- fore considering the tax effect of their asset sales, what is their gross tax liability for 2019 assuming they file a joint return? b) Given that Ron and Anne have taxable income of $400,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2019 assuming they file a joint return? 9, In 2019, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: a) On May 12, 2019, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2017. The fair market value on the date of Grandma's death was $90.000 and Grandma's adjusted basis of the painting was $25,000 On 7-48 First, set up the gains and losses by categories, using this format: Long-term Long-term Long-term Description Step 1: Net Short-term on N&O Antiques Unrecaptured 1250 Gain Remaining gain from rental property Net of Stocks L & O Short-Term 28% 25% 0/15/20% Step 2 Step 3B: Go to Step 6 Step 4: Go to Step 5 Finish at Step 5 Income before capital stuff Total Taxable Income 400,000 Then, use this table to determine the tax owed. We could use the Line 12a worksh the 25% and 28% gains . This is a different approach: Tax on 401,000 Tax Using Table on non-cap gain income 0/15/20 stuff taxed at 15% 0/15/20 stuff taxed at 20% Cap gain taxed at 25% Cap gain taxed at 28 % Total Tax See below See below unrecaptur ed: given Antique gain 488,850 Cutoff 401,000 Ordinary Income Amount of 0/15/20 stuff taxed at 15 % Tax at 15% Total 0/15/20 capital gain Less: Amount taxed at 15% (from above) Equals: Amount of 0/15/20 gain taxed at 20 % Tax at 20% Total tax on 0/15/20 stuff DFocus On 7-4 irst, set up the gains and losses by categories, using this format: Long-term 2596 Long-term 28%6 Long-term 0/15/206 Short Term Deseription Step 1: Net Short-term on N8O Antiques Unrecaptured 1250 Gain Remaining goin fram rental property Net of Stocks L&O Step 2 Step 38: Go to Step 6 Step 4: Go to Step 5 Finish at Step 5 Income bafere capital stuff Total Taxable Income 400,000 Then, use this table to determine the tax ewed. We could use the Line 12a works Tax Using Table on non-cap gain income 0/15/20 stuff taxed at 15% 0/15/20 stuff taxed at 20% Cap gain taxed at 25% Cap gain taxed at 28% Tax on 401,000 See bekow See below unrecaptured: given Antique gain Total Tax Cutoff 488,850 401,000 Ordinary Income Amount of 0/15/20 stuff taxed at 15 % Tax at 15% Total 0/15/20 capital gain Less: Amount taxed at 15 % ( from above) Equals: Amount of 0/15/20 gain taxed at 20 % Tax at 20 % Total tax on 0/15/20 stuff Stock D 8/20/2019 Stock E a) What is Grayson's net short-term capital gal. b) What is Grayson's net long-term gain or loss from the c) What is Grayson's overall net gain or loss from these transaction d) What amount of the gain, if any, is subject to the preferential rate for cert 47. George bought the following amounts of Stock A over the years: Adjusted Basis $24,000 9,000 capital gains? Number of Shares Date Purchased 1,000 500 11/21/1993 3/18/1999 5/22/2008 Stock A Stock A Stock A 27,000 750 a) How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold? On October 12, 2019, he sold 1,200 of his shares of Stock A for $38 per share. b) How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 750 shares from the 5/22/2008 purchase and 450 shares from the 11/21/1993 purchase? 48. During the current year, Ron and Anne sold the following assets: Capital Asset Holding Period Basis Market Value L stock $41,000 39,000 22,000 33,000 4,000 90,000 > 1 year >1 year 1 year >1 year $30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). a) Given that Ron and Anne have taxable income of only $20,000 (all ordinary) be- fore considering the tax effect of their asset sales, what is their gross tax liability for 2019 assuming they file a joint return? b) Given that Ron and Anne have taxable income of $400,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2019 assuming they file a joint return? 9, In 2019, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: a) On May 12, 2019, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2017. The fair market value on the date of Grandma's death was $90.000 and Grandma's adjusted basis of the painting was $25,000 On 7-48 First, set up the gains and losses by categories, using this format: Long-term Long-term Long-term Description Step 1: Net Short-term on N&O Antiques Unrecaptured 1250 Gain Remaining gain from rental property Net of Stocks L & O Short-Term 28% 25% 0/15/20% Step 2 Step 3B: Go to Step 6 Step 4: Go to Step 5 Finish at Step 5 Income before capital stuff Total Taxable Income 400,000 Then, use this table to determine the tax owed. We could use the Line 12a worksh the 25% and 28% gains . This is a different approach: Tax on 401,000 Tax Using Table on non-cap gain income 0/15/20 stuff taxed at 15% 0/15/20 stuff taxed at 20% Cap gain taxed at 25% Cap gain taxed at 28 % Total Tax See below See below unrecaptur ed: given Antique gain 488,850 Cutoff 401,000 Ordinary Income Amount of 0/15/20 stuff taxed at 15 % Tax at 15% Total 0/15/20 capital gain Less: Amount taxed at 15% (from above) Equals: Amount of 0/15/20 gain taxed at 20 % Tax at 20% Total tax on 0/15/20 stuff DFocus