Please complete all of the requirements.
Max, whose tax rate is 32%, sells each of the following assets for $205,000. 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.) I 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 used, leave the input field(s) empty. Do not enter a zero.) Ordinary Income Taxed at 32% Taxed at 20% Taxed at 25% Taxed at 15% Sec. 1231 Gain (Loss) Building purchased in 2003 for $240,000 with adjusted basis of $190,000 Enter any number in the edit fields and then click Check Answer 4 parts Clear All Check Answer remaining Max, whose tax rate is 32%, sells each of the following assets for $205,000. 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.) * More Info - X For each indep hount into the appropriate tax not enter a zero.) 1. Building purchased in 2003 for $240,000 with adjusted basis of $190,000 2. Equipment purchased in 2015 for $305,000 with adjusted basis of S134,000. Taxed at 15% Building pure 3. Land purchased in 1996 for $30,000 to use as a building site. 2003 for $240 4. Building purchased in 2002 for $185,000 with adjusted basis of $97.000. adjusted basi 5. Equipment purchased in 2016 for $195,000 with adjusted basis of $155,000. Print Done Enter any number in the edit fields and then click Check Answer. ? 4 parts remaining Clear All Check Answer i Reference - X NOT 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 2019) 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 $39,375 Up to $78,750 Up to $52,750 > $39,375 but not over > $78,750 but not over > S52.750 but not over 15% $434,550 $488,850 $461,700 20% Over $434,550 Over $488,850 Over $461,700 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 $39,375 if married filing separately. EN 4 Print Done - Reference FI al Z If taxable income is: Single The tax is: 10% of taxable income. $970.00 + 12% of the excess over $9,700 $4,543.00 + 22% of the excess over $39,475 $14,382.50 +24% of the excess over $84,200. ... $32,748,50 + 32% of the excess over $160,725. ... $46,628,50 + 35% of the excess over $204,100, $153,798.50 + 37% of the excess over $510,300. + Not over $9.700 Over $9,700 but not over $39,475 Over $39,475 but not over $84,200 Over $84,200 but not over $160,725 Over $160,725 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 W Nm Print Done 2 ER Clear All Check Answer 4 parts remaining
