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What is Taxpayer's net capital gain and how is it taxed if Taxpayer has a $5,000 gain from a collectable, a $5,000 unrecaptured Section 1250
What is Taxpayer's net capital gain and how is it taxed if Taxpayer has a $5,000 gain from a collectable, a $5,000 unrecaptured Section 1250 gain, a $5,000 gain from stock, and a $10,000 loss from stock, all held long-term?
Assume the taxpayer is a single individual (not a surviving spouse or head of household) whose only income for the year, other than the capital gains and losses is a salary of $200,000, and further assume the taxpayer has no Section 62 deductions and no itemized deductions.
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