Holly has recognized a ($9,000) STCL. She has no other recognized capital gains and losses in 2023.
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Holly has recognized a \($9,000\) STCL. She has no other recognized capital gains and losses in 2023. She is considering the sale of a Sec. 1231 asset held for four years at a \($5,000\) gain in 2023. She had not recognized any Sec. 1231 losses during the previous five years and does not expect to have any other Sec. 1231 transactions in 2023. Her marginal tax rate for 2022 is 32%. What is the amount of increase in her 2023 taxes if Holly recognizes the \($5,000\) Sec. 1231 gain in 2023?
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Related Book For
Pearsons Federal Taxation 2024 Individuals
ISBN: 9780138238100
37th Edition
Authors: Mitchell Franklin, Luke E. Richardson
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