Question
Katie recognized a $25,500 net long-term capital gain and a $32,000 net short -term capital loss this year. What is her current net income tax
Katie recognized a $25,500 net long-term capital gain and a $32,000 net short -term capital loss this year. What is her current net income tax cost or savings from her capital transactions if her marginal tax rate on ordinary income is 32%?
| a. | $0 | |
| b. | $960 net tax savings | |
| c. | $2,080 net tax savings | |
| d. | $1,600 net tax cost |
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
