1. Paul has the following long-term capital gains and losses for 2019: $2,000 28% gain, $14,000 0%/15%/20% gain, and $2,000 0%/15%/20% loss. He also has a $11,000 short-term loss and a $6,000 short-term gain.

1. What are Pauls tax consequences from these transactions?

		Long-term G/L
Step	Short-term	28%	25%	0%/15%/20%
1
2
3
4
5

2. Assume that Paul is single, and that he earned wages from his salary of $50,000 in 2019. Paul takes the standard deduction (=$12,200 for a single taxpayer). Compute Pauls taxable income and his tax liability for 2019.

3. What is the amount of Pauls tax savings from the reduced tax rate for long-term capital gain income?