Question
Jeff, whose tax rate is 33%, has a loss of ($5,000) from the sale of ABC Stock held for 11 months, a gain of $3,000
Jeff, whose tax rate is 33%, has a loss of ($5,000) from the sale of ABC Stock held for 11 months, a gain of $3,000 from XYZ Stock held for 365 days, a gain of $3,000 from LMN Stock held for 5 years and a ($8,000) loss from QRS Stock held for 2 years. Jeff also has a $15,000 gain from the sale of a rare stamp collection held for 16 months and a ($7,000) loss from the sale of a rare coin collection held for 5 years. Both of these are considered "collectibles", and a $4,000 gain from the sale of Section 1250 property held for 10 years which is a 25% rate property. What amount will Jeff pay in taxes related solely to the information provided above? $4,240 4
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