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What is Cynthia's net capital gain and why? How much total tax does she pay and why? Assume no other income or deductions. Prepare
What is Cynthia's net capital gain and why? How much total tax does she pay and why? Assume no other income or deductions. Prepare a complete response to the following case problem. Your response should explain the relevant rules, apply them to the facts, and include all necessary calculations. In 2023, Cynthia has the following assets and income: a. Purchased stock six months ago for $10,000 and sold February 1, 2023 for $15,000 b. On March 1, 2023, she sells investment assets inherited from her mother nine months ago. The FMV at time of mother's death was $100,000 and Cynthia sold it for $320,000 c. Purchased car two years ago for $40,000 and sold it April 1, 2023 for $30,000 d. Salary of $50,000
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