VOLBook Air ESTION 4 (10 points) Lupin and Tonks h Tonks have taxable income of $415,000 (all ordinary) before considering the tax effect of their Tshown below). What is their net capital gain/loss (be sure to show work for potential partial credit) What is their tax liability for 2019 assuming they file a joint return? sales (shown below). Whe Market Value 11,500 32,000 Gain/loss Asset Nagini stock Dobby Stock Voldemort Statue Hedwig stock Scabbers stock Malfoystock Rental House Snape stock $40,000 29,000 42,000 270,000 57,300 Tax Basis 1,900 49,000 75,000 $27,000 26,000 48,000 199,000 63,600 Held 1 year > 1 year > 1 year 1 year > 1 year $35,000 of the rental house gain is 25% gain (81250 subject to recapture) The couple also had a $15,000 long term capital loss carryforward from prior years. Tax Liability Net capital Gain/Loss Show your worketting of gains and losses VOLBook Air ESTION 4 (10 points) Lupin and Tonks h Tonks have taxable income of $415,000 (all ordinary) before considering the tax effect of their Tshown below). What is their net capital gain/loss (be sure to show work for potential partial credit) What is their tax liability for 2019 assuming they file a joint return? sales (shown below). Whe Market Value 11,500 32,000 Gain/loss Asset Nagini stock Dobby Stock Voldemort Statue Hedwig stock Scabbers stock Malfoystock Rental House Snape stock $40,000 29,000 42,000 270,000 57,300 Tax Basis 1,900 49,000 75,000 $27,000 26,000 48,000 199,000 63,600 Held 1 year > 1 year > 1 year 1 year > 1 year $35,000 of the rental house gain is 25% gain (81250 subject to recapture) The couple also had a $15,000 long term capital loss carryforward from prior years. Tax Liability Net capital Gain/Loss Show your worketting of gains and losses