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Mr. and Mrs. Sedlock file a joint return and have taxable income of $370,000 without considering the following independent fact situations. View the independent fact

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Mr. and Mrs. Sedlock file a joint return and have taxable income of $370,000 without considering the following independent fact situations. View the independent fact situations. View the 2023 tax rate schedule for the Married filing jointly filing status. View the Preferential Rates for Adjusted Net Capital Gain (ANCG) and Qualified Dividends. Requirement Determine the increase in their tax liability for each independent fact situation. Situation a. Determine the increase in their tax liability when they have a short-term capital gain (STCG) of $20,000 and a long-term capital loss (LTCL) of \$12,000. Increase in tax liability

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