In 2013, Gregory, a single person, had $375,000 of ordinary taxable income. He sold Section 1202 stock
Question:
In 2013, Gregory, a single person, had $375,000 of ordinary taxable income. He sold Section 1202 stock at a taxable gain of $45,000, his art collection at a taxable gain of $102,000, and stock at a taxable gain of $55,000. Compare the tax result if Congress would simplify the capital gains tax provisions by having a single 20 percent capital gains rate versus the current capital gains tax provisions now in effect for 2013.
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Under the current tax provisions Gregorys gains on the Section 1202 stock and his a...View the full answer
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