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Jessica-Anne is in the 32 tax bracket. She acquired 5,000 shares of stock in Heritage Corporation two years ago at a cost of ( $

image text in transcribed Jessica-Anne is in the \32 tax bracket. She acquired 5,000 shares of stock in Heritage Corporation two years ago at a cost of \\( \\$ 200 \\) per share. In the current year, Jessica-Anne received a payment of \\( \\$ 840,000 \\) from Heritage Corporation in exchange for 4,000 of her shares in Heritage. Heritage has E \\& P of \\( \\$ 810,000 \\). Jessica-Anne has a capital loss carryover of \\( \\$ 50,000 \\) in the current tax year. Assume that JessicaAnne has no capital losses and taxpayers in the \32 tax bracket are subject to the long-term capital gains and qualified dividends tax rate of \15. What amount of the capital loss may Jessica-Anne deduct in the current year in the following situations? If an amount is zero, enter \"0\". a. The \\( \\$ 840,000 \\) payment from Heritage Corporation is a qualifying stock redemption for tax purposes. Jessica-Anne may use \\( \\$ \\) of the capital loss carryover to offset the gain on the redemption. Her income tax liability is Feedback Check My Work b. The \\( \\$ 840,000 \\) payment from Heritage Corporation does not qualify as a stock redemption for tax purposes. Jessica-Anne could deduct \\( \\$ \\) of the \\( \\$ 50,000 \\) capital loss carryover. Her income tax liability is \\( \\$ \\) X

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