Virgil Brady, a ingle taxpayer , uses the following information to prepare his Schedule D for d 2020. Virgil received $8,000 of qualified dividends during the year. He sold 200 shares of Tennis Corporation stock for $13,000 on June 20, 2020. The shares were purchased on October 2, 2019, for $8,700. He has an STCL carryforward from 2019 of $8,200. He sold a piano for $4,000 on May 30, 2020. The piano was purchased on April 12, 2010, for $2,500 and used by his two sons. Virgil also sold 500 shares of Golf Corporation stock for $18,000 on November 30, 2020. He had purchased the stock on April 1, 2016, for $10,000. Virgil has STCG of $4,300 that is offset by $8,200 of STCL carryforward on line 6. His NSTCL of $3,900 ($8,200 - $4,300) is shown on line 7. His $1,500 LTCG as a result of the sale of the piano (not a collectible) and his $8,000 LTCG from the sale of the Golf Corporation stock are on lines 8b and 10. Thus, Virgil has an NLTCG of $9,500. He has ANCG of $5,600 ($9,500 - $3,900). Because Virgil has ANCG of $5,600 and no 28% rate gains or unrecaptured Sec. 1250 gains, he computes his tax on the Qualified Dividends and Capital Gain Tax Worksheet. The preferen- tial treatment for dividends and capital gains saves Virgil $1,224 of federal income taxes in 2020. Virgil's taxable income including the above dividends and capital gains is $120,000. in- ion $14 ted ater For of e es- tof Virgil Brady, a ingle taxpayer , uses the following information to prepare his Schedule D for d 2020. Virgil received $8,000 of qualified dividends during the year. He sold 200 shares of Tennis Corporation stock for $13,000 on June 20, 2020. The shares were purchased on October 2, 2019, for $8,700. He has an STCL carryforward from 2019 of $8,200. He sold a piano for $4,000 on May 30, 2020. The piano was purchased on April 12, 2010, for $2,500 and used by his two sons. Virgil also sold 500 shares of Golf Corporation stock for $18,000 on November 30, 2020. He had purchased the stock on April 1, 2016, for $10,000. Virgil has STCG of $4,300 that is offset by $8,200 of STCL carryforward on line 6. His NSTCL of $3,900 ($8,200 - $4,300) is shown on line 7. His $1,500 LTCG as a result of the sale of the piano (not a collectible) and his $8,000 LTCG from the sale of the Golf Corporation stock are on lines 8b and 10. Thus, Virgil has an NLTCG of $9,500. He has ANCG of $5,600 ($9,500 - $3,900). Because Virgil has ANCG of $5,600 and no 28% rate gains or unrecaptured Sec. 1250 gains, he computes his tax on the Qualified Dividends and Capital Gain Tax Worksheet. The preferen- tial treatment for dividends and capital gains saves Virgil $1,224 of federal income taxes in 2020. Virgil's taxable income including the above dividends and capital gains is $120,000. in- ion $14 ted ater For of e es- tof