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Please show all work Faith, who is single and has taxable income of $390,000, sells the following capital assets in 2022 with gains and losses
Please show all work
Faith, who is single and has taxable income of $390,000, sells the following capital assets in 2022 with gains and losses as shown: View the capital assets. View the 2022 tax rate schedule for the Single filing status. Capital Assets View the Preferential Rates for Adjusted Net Capital Gain (ANCG) and Qualified Dividends. Read the requirements. Requirement a. Determine Faith's increase in income tax liability as a result of the three sales. All assets are stock held for investment. Ignore the effect of increasing AGI on deductions and phaseout amounts. Increase in tax liability Requirement b. Determine her increase in income tax liability if the holding period for asset B is 8 months. Increase in tax liability Single Tax Rate Schedule Requirement c. Determine her increase in income tax liability if the holding periods are the same as in Part a but asset B is an antique clock. Increase in tax liability Requirement d. Determine her increase in income tax liability if her taxable income is $470,000. Increase in tax liability Rates for Adjusted Net Capital Gain (ANCG) and Qualified Dividends apital Gains and Dividends apital 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 2022) 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 tableStep by Step Solution
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