More Info x Manny, whose tax rate is 32%, sells each of the following assets for $215,000. Each case is an independent case. (Click the icon to view each case) (Click the icon to view the capital gains and dividends rates table.) (Click the icon to view the tax rates table.) For each independent case, enter the amounts into columns 1-2 to classify the gain/(loss). Then enter the amount into the appropriate tax rate to be used in columns 3-5. (If an input field is not us 1. Building purchased in 2002 for $230,000 with adjusted basis of $145,000. 2. Equipment purchased in 2014 for $290,000 with adjusted basis of $134,000 3. Land purchased in 1995 for $60,000 to use as a building site. 4. Building purchased in 2001 for $170,000 with adjusted basis of $142,000. 5. Equipment purchased in 2015 for $195,000 with adjusted basis of $160,000 Sec. 1231 Gain (Loss) Ordinary Income Taxed at 32% Taxed at 25% Taxed at 20% Taxed at 15% Building purchased in 2002 for $230,000 with adjusted basis of $145,000 Print Done x Reference Reference If taxable income is: Single The tax is: 10% of taxable income. Not over $9,525 Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2018) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferential Rate Single Filing Jointly* Head of Household 0% Up to $38,600 Up to $77,200 Up to $51,700 15% > $38,600 but not over $425,800 >$77,200 but not over $479,000 > $51,700 but not over $452,400 20% Over $425,800 Over $479,000 Over $452,400 * The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $38,600 if married filing separately Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 .$952.50 + 12% of the excess over $9,525. .$4,453.50 + 22% of the excess over $38,700. .. $14,089.50 + 24% of the excess over $82,500 .... $32,089.50 + 32% of the excess over $157,500 ..... $45,689.50 + 35% of the excess over $200,000 .$150,689.50 + 37% of the excess over $500,000 Over $500,000 Print Done Print Done More Info x Manny, whose tax rate is 32%, sells each of the following assets for $215,000. Each case is an independent case. (Click the icon to view each case) (Click the icon to view the capital gains and dividends rates table.) (Click the icon to view the tax rates table.) For each independent case, enter the amounts into columns 1-2 to classify the gain/(loss). Then enter the amount into the appropriate tax rate to be used in columns 3-5. (If an input field is not us 1. Building purchased in 2002 for $230,000 with adjusted basis of $145,000. 2. Equipment purchased in 2014 for $290,000 with adjusted basis of $134,000 3. Land purchased in 1995 for $60,000 to use as a building site. 4. Building purchased in 2001 for $170,000 with adjusted basis of $142,000. 5. Equipment purchased in 2015 for $195,000 with adjusted basis of $160,000 Sec. 1231 Gain (Loss) Ordinary Income Taxed at 32% Taxed at 25% Taxed at 20% Taxed at 15% Building purchased in 2002 for $230,000 with adjusted basis of $145,000 Print Done x Reference Reference If taxable income is: Single The tax is: 10% of taxable income. Not over $9,525 Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2018) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferential Rate Single Filing Jointly* Head of Household 0% Up to $38,600 Up to $77,200 Up to $51,700 15% > $38,600 but not over $425,800 >$77,200 but not over $479,000 > $51,700 but not over $452,400 20% Over $425,800 Over $479,000 Over $452,400 * The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $38,600 if married filing separately Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 .$952.50 + 12% of the excess over $9,525. .$4,453.50 + 22% of the excess over $38,700. .. $14,089.50 + 24% of the excess over $82,500 .... $32,089.50 + 32% of the excess over $157,500 ..... $45,689.50 + 35% of the excess over $200,000 .$150,689.50 + 37% of the excess over $500,000 Over $500,000 Print Done Print Done