Question 4 Gain/Loss Manuel is single with no dependents. During the year, he reported the following asset sales: Asset Purchased Sold Cost Sales Basis Price ABC Stock 1/1/2020 7/1/2020 $18,000 $22,000 DEF Stock 1/1/2008 11/20/2020 $15,000 $10,000 Painting 1/1/2005 7/15/2020 $5,000 (collectible) $50,000 $4,000 (55.000) GHI Stock 1/1/2010 9/1/2020 $45,000 $12,000 $18,000 $30,000 Rental Property 1/1/2005 1/1/2020 $75,000 $130,000 $55,000 Unrecaptured Sec. 1250 gain = $27,000 (The $27,000 is included in the $55,000) Additionally, Manuel had a long-term capital loss carryforward of ($15,000) from the previous year. Other information: Taxable wages - $137,600 Deductions for AGI = $0 Itemized Deductions = $0 Calculate taxpayer's gross income, adjusted gross income, taxable income and income tax liability for 2020. S much income is taxed at what tax rate. (Ignore net investment tax.) er the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I S Paragraph Arial 14px | RBC x e B > TT TT - " 22 x * & +]