Matt and Magan have taxable income of $325,000 (all ordinary) before considering the tax effect of their asset sales (shown below) What is their ta liability for 2018 assuming they file a joint return? Capital Asset Market Value Tax Basis Holding Period

XOM Stock 8500 1900 < year

Jackson Stock 34000 49000 > 1 Year

Statue 145000 85000 > 1 Year

XYT Stock 40000 21000 >1 Year

Bhack Stock 28000 26000 < 1 Year

Swan Stock 38000 43000 < 1 Year

Rental House 250000 199000 > 1 Year

Poke Stock 52300 59600 > 1 Year

$15,000 of the rental house gain is 25%gain (s1250 subjected to recapture) =

The couple also had a $12,000 Long term capital loss carryforward from prior year. =

Tax Liability.

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