Rollie has the following capital gains and losses during the current year: Short-term capital gain . $

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Rollie has the following capital gains and losses during the current year:

Short-term capital gain . $ 3,000

Collectibles gain ..... 4,000

Long-term capital gain ... 11,000

Long-term capital loss ... 6,000

Rollie is married and has a taxable income of $145,000 before considering the effect of his capital gains and losses. What is the effect of Rollie’s capital gains and losses on his taxable income and his income tax liability?

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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Question Posted: Mar 29, 2013 02:43 AM

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Rollie has the following capital gains and losses during the current year: Short-term capital gain . $

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Rollie has a 3000 shortterm capital gain and a 9000 longterm capital gain Shortterm capital gain 300...View the full answer

Concepts In Federal Taxation

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