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In the current year, Norman Rambis, a single taxpayer, has $50,000 of ordinary income, a Net Short Term Capital Loss of $10,000, a Net Long
In the current year, Norman Rambis, a single taxpayer, has $50,000 of ordinary income, a Net Short Term Capital Loss of $10,000, a Net Long Term Capital Gain (0/15/20) of 2,800, a 4,000 loss on the sale of a highly collectible. Art Wyeth painting held for 14 years, and an unrecaptured Section 1250 gain of $8,000. What is the amount and character of Norman's gain(s)/loss(es) that he will report to the IRS after completing the netting process? Use a table like this:
28% | 25% | LT 0/15/20 | Short term | Ordinary |
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