Problem 6-41 (LO. 1) Julio acquired 2,000 shares of stock in Gray Corporation seven years ago at a cost of $50 per share. In the current year, Julio received a payment of $150,000 from Gray Corporation in exchange for 1,000 of his shares in Gray. Gray has E & P of $1,000,000. Julio has a capital loss carryover of $50,000 in the current tax year. Julio has no other capital gain transactions during the year. Assume that Julio is in the 32% tax bracket and is subject to the long-term capital gains and qualified dividends tax rate of 15%. What amount of the capital loss may Julio deduct in the current year in the following situations? What is his income tax liability? a. The $150,000 payment from Gray Corporation is a qualifying stock redemption for tax purposes. Julio may use $ 100,000 X of the capital loss carryover to offset the gain on the redemption. His income tax liability is 15,000 X. Feedback Check My Work Noncorporate shareholders generally prefer to have a stock redemption treated as a sale or exchange rather than as a dividend distributio 21,000 b. The $150,000 payment from Gray Corporation is a nonqualified stock redemption for tax purposes. Julio could deduct $ 22,500 X of the $50,000 capital loss carryover. His income tax liability is s Feedback