Tax Problems Content

Question $1$

Henry and Jane, MFJ taxpayer $($taxable income is $$305,000$ before considering any of the items below$),$ sold the following assets during the year:

$\backslash$table$[[$Asset$,$Sale Price,Tax Basis,Gain or Loss,Holding Period$],[$ABC Stock,$$51,000,$$$25,500,$$$25,500,$More than One Year$],[$XYZ Stock,$$13,000,$$$9,750,$$$3,250,$Less than One Year$],[$Stamp Collection,$$11,000,$$$5,500,$$$5,500,$More than One Year$],[$RST Stock,$$14,000,$$$20,000,$$$(6,000),$Less than One Year$],[$Rental Home,$$101,000,$$$50,{500}^{**},$$$50,500,$More than One Year$]]$

$**$$$25,250$ of the gain is a $25$ percent gain. The remaining gain is $0\%$ or $15\%$ or $20\%.$

Henry also has $$5,000$ of dividends which are not included in the $$305,000.$ What is Henry's total tax liability? Note: Round final answer to the nearest whole number. Blank $1$

E