Question
Joan files as single and has taxable income of $120,000 in 2023 before the following transactions during 2023: LTCG $10,000 LTCL ($6,000) STCG $3,000 STCL
Joan files as single and has taxable income of $120,000 in 2023 before the following transactions during 2023:
LTCG $10,000
LTCL ($6,000)
STCG $3,000
STCL ($10,000)
In addition, Joan has a ($5,000) STCL carryforward from 2022. Her marginal tax rate for 2023 is 24% and her capital gains tax rate is 20%.
a. How much income tax will Joan pay in 2023 after the above transactions?
b. How much (if any) and what type of carryforward will Joan have going into 2024?
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Cost And Management Accounting
Authors: Colin Drury
9th Edition
1473749050, 978-1473749054
