QUESTION 3 Margot and Johnny, calendar year, cash basis taxpayers; file a joint return. Before any of the capital asset transactions below, their taxable income is 590,100 and consists entirely of wages from their current jobs. During the year, they also had the following capital asset transactions: On February 1, 2017, they purchased Wal-Mart common stock for $57,000. They sold the stock on May 31, 2019 for $65,000 . On August 15, 2018, they purchased PG&E common stock for $42,000. They sold the stock on July 25, 2019 for $35,000 . On April 25,2017, they purchased Cisco common stock for $87.500. They sold the stock on May 21, 2019 for $100,000 What is their final taxable income after including the capital asset transactions, and what is their total tax liability? 5103,600 taxable income: $11,539 tax liability 5107,600 taxable income: $14,209 tax liability 5107,600 taxable income; $23,672 tax liability 5103,600 taxable income; 513,564 tax liability QUESTION 3 Margot and Johnny, calendar year, cash basis taxpayers; file a joint return. Before any of the capital asset transactions below, their taxable income is 590,100 and consists entirely of wages from their current jobs. During the year, they also had the following capital asset transactions: On February 1, 2017, they purchased Wal-Mart common stock for $57,000. They sold the stock on May 31, 2019 for $65,000 . On August 15, 2018, they purchased PG&E common stock for $42,000. They sold the stock on July 25, 2019 for $35,000 . On April 25,2017, they purchased Cisco common stock for $87.500. They sold the stock on May 21, 2019 for $100,000 What is their final taxable income after including the capital asset transactions, and what is their total tax liability? 5103,600 taxable income: $11,539 tax liability 5107,600 taxable income: $14,209 tax liability 5107,600 taxable income; $23,672 tax liability 5103,600 taxable income; 513,564 tax liability