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What is his alternative tax liability? The standard deduction for single filing status is $12,550 for 2021. (Use 2021 tax rate schedules) Asoks AGI for
What is his alternative tax liability? The standard deduction for single filing status is $12,550 for 2021. (Use 2021 tax rate schedules)
Asoks AGI for 2021 is $133,250. Included in this AGI is a $45,000 25% long-term capital gain and a $13,000 0%/15%/20% long-term capital gain. Asok is single and uses the standard deduction. Compute his taxable income, the tax liability, and the tax savings from the alternative tax on net capital gain.
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