Tax Problems Content

Question $1$

Henry and Jane, $MFJ$ taxpayers, have a taxable income $of$ $$305,000$ before considering any $of$ the items below. They sold the following assets during the year:

$\begin{array}{cc}\text{A}\text{s}\text{s}\text{e}\text{t}& \text{S}\text{a}\text{l}\text{e}\text{P}\text{r}\text{i}\text{c}\text{e}\\ \text{T}\text{a}\text{x}\text{B}\text{a}\text{s}\text{i}\text{s}& \text{P}\text{u}\text{r}\text{c}\text{h}\text{a}\text{s}\text{e}\text{d}\\ \text{S}\text{o}\text{l}\text{d}& ?\\ ?& \text{A}\text{B}\text{C}\text{S}\text{t}\text{o}\text{c}\text{k}\\ \text{\$}51& 000\\ \text{\$}25& 500\\ \frac{1}{2}\frac{?}{22}& \frac{8}{1}\frac{?}{24}\\ XYZ\text{S}\text{t}\text{o}\text{c}\text{k}& \text{\$}13\\ 000& \text{\$}9\\ 750& \frac{2}{1}\frac{?}{24}\\ \frac{9}{2}\frac{?}{24}& \text{S}\text{t}\text{a}\text{m}\text{p}\text{C}\text{o}\text{l}\text{l}\text{e}\text{c}\text{t}\text{i}\text{o}\text{n}\\ \text{\$}11& 000\\ \text{\$}5& 500\\ \frac{2}{7}\frac{?}{21}& \frac{7}{5}\frac{?}{24}\\ RST\text{S}\text{t}\text{o}\text{c}\text{k}& \text{\$}14\\ 000& \text{\$}20\\ 000& \frac{6}{4}\frac{?}{24}\\ \frac{10}{2}\frac{?}{24}& \text{R}\text{e}\text{n}\text{t}\text{a}\text{l}\text{H}\text{o}\text{m}\text{e}\\ \text{\$}101& 000\\ \text{\$}50& 500*\\ \frac{5}{5}\frac{?}{19}& \frac{7}{8}\frac{?}{24}\end{array}$

$$25,250of$ the gain $isa25$ percent gain. The remaining gain $is0\%or15\%or20\%.$

Henry also applies $a$ $$2,000$ long$-$term loss carryover from $2023.$ $$5,000of$ dividends which are not included $in$ the $$305,000.$ What $is$ Henry's total $2024$ tax liability? Note: Round final answer $to$ the nearest whole number. Show work below for partial credit $if$ needed. Blank $1$

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