Ted Thomas, a single taxpayer has the following transactions in 2019:

a. What is Ted’s net capital gain or loss?

b. If your answer to (a) was a net capital gain, what is the maximum rate at which it would be taxed?

c. If his AGI were $25,000, what is the maximum rate at which it would be taxed?

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AGI (before capital gains and losses) Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss $500,000 18,000 (4,000) 6,000 (8,000)