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QUESTION 1 (CHAPTER 14) Sidney Crosby has the following capital gains and losses: Long-term capital gain: 120,000 Long-term capital loss: (75,000) Short-term capital gain: 75,000
QUESTION 1 (CHAPTER 14) Sidney Crosby has the following capital gains and losses: Long-term capital gain: 120,000 Long-term capital loss: (75,000) Short-term capital gain: 75,000 Short-term capital loss: (105,000) 25% gain: 41,000 28% gain: 76,000 28% loss: (80,000) If Sidney has a net gain for the year, indicate its make-up in terms of tax rates by filling out the table below. Insert a zero or leave a blank if there is no gain in a particular category. Show your calculations, STEP BY STEP, in order to receive partial credit. Short-term capital gain 28% gain 25% gain Long-term capital gain
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