Question
so the answers the professor gave us for this problem are as followed. 20A: $5,172.50 20B: G excluded: 5 M G recognized: 9 M (5M
so the answers the professor gave us for this problem are as followed. 20A: $5,172.50 20B: G excluded: 5 M G recognized: 9 M (5M at 28% and 4M at 15%/20%) this question was done with 2020 tax numbers. but im not gettinf the answers she got. can some one please show me how to work this problem A. Taxpayer is single with TI of $47,000 which includes an $11,000 ANCG. What is the taxpayers tax liability? Show all work in the box below.
B. John purchased qualified small business stock for $200,000 in 2008 and sold the stock in 2020 for a realized gain of $14 million. What tax rate will apply to the gain recognized on the sale? If more than one tax rate, state the amount of gain which will apply at each level. Show all work in the box below. Item A: Show all work to receive credit!! Item B: Show
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