Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $63,800. Meg works part-time at the same university. She earns $33,100 a year. The couple does not itemize deductions. Other than salary, the Comers only other source of income is from the disposition of various capital assets (mostly stocks).

A: What is the Comers tax liability for 2019 if they report the following capital gains and losses for the year?

Short-term capital gains $9,020

Short-term capital losses (2,020)

Long-term capital gains 15,030

Long-term capital losses (6,030)

B: What is the Comers tax liability for 2019 if they report the following capital gains and losses for the year?

Short-term capital gains $1,500

Short-term capital losses 0

Long-term capital gains 13,040

Long-term capital losses (10,020)