9. Biden (who is single) has salary income of $200,000 and adjusted gross income of $200,000....

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9. Biden (who is single) has salary income of $200,000 and adjusted gross income of $200,000. He has total allowable itemized deductions of $20,000 each year. There is no state income tax. Earlier this year, he sold some AT&T stock, and realized a long-term capital gain of $5,000. Four years ago, he paid $50,000 for 100 shares of IBM stock (that is now worth $41,000). He plans to sell all of the IBM stock for its current value of $41,000 on December 29, 2020? How much 2020 income tax will he save on his 2020 federal tax return as a result of selling the IBM stock? O Other O $1,710 O $9,900 O $450 9. Biden (who is single) has salary income of $200,000 and adjusted gross income of $200,000. He has total allowable itemized deductions of $20,000 each year. There is no state income tax. Earlier this year, he sold some AT&T stock, and realized a long-term capital gain of $5,000. Four years ago, he paid $50,000 for 100 shares of IBM stock (that is now worth $41,000). He plans to sell all of the IBM stock for its current value of $41,000 on December 29, 2020? How much 2020 income tax will he save on his 2020 federal tax return as a result of selling the IBM stock? O Other O $1,710 O $9,900 O $450

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Biden will save 1710 in 2020 income tax as a result of selli... View the full answer