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show work details. Thanks In 2000, Ms. Ennis, a head of household, contributed $56,000 in exchange for 560 shares of Seta stock. Seta is a
show work details. Thanks
In 2000, Ms. Ennis, a head of household, contributed $56,000 in exchange for 560 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 560 shares for $96,000. Her only other investment income was an $7,800 long-term capital gair from the sale of land. Her taxable income before consideration of her two capital transactions is $501,000. Assume the taxable year is 2020. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: a. Compute Ms. Ennis's income tax and Medicare contribution tax for the year. b. How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000? c. How would the computation change if Ms. Ennis acquired the Seta stock in 2015 instead of 2000? Complete this question by entering your answers in the tabs below. Required A Required B Required Compute Ms. Ennis's income tax and Medicare contribution tax for the year. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Amount Taxable income Total income tax Medicare contribution tax Total taxStep by Step Solution
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