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Kimberly, a single taxpayer, sold three capital assets during September 2021. She sold a collectible painting held five years for a gain of $3,000; stock
Kimberly, a single taxpayer, sold three capital assets during September 2021. She sold a collectible painting held five years for a gain of $3,000; stock held three years for a loss of $1,000; and stock held seven years for a gain of $5,000. Kimberlys ordinary income marginal tax rate is 32% and her Regular LT Capital Gain tax rate is 15%. Compute Kimberlys additional tax due as a result of these capital transactions.
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1,050
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