a) An individual in the 28 percent federal income tax bracket and 15 percent long-term capital gains
Question:
a) An individual in the 28 percent federal income tax bracket and 15 percent long-term capital gains tax bracket bought and sold the following securities during the year:
What are the taxes owed on the short-term capital gains?
b) An individual in the 35 percent federal income tax bracket and 15 percent long-term capital gains tax bracket bought and sold the following securities during the year:
What are the taxes owed or saved as a result of thesesales?
Transcribed Image Text:
ABC DEF GHI Cost Basis of Stock $24,500 35,400 31,000 Proceeds of Sale $28,600 31,000 36,000 Cost Basis of Stock ABC DEF GHI $34,600 29,400 21,500 Proceeds of Sale $28,600 31,000 19,000
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a Profits on the sales all are shortterm ABC 28600 24500 4100 ...View the full answer
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