Question: 1 . T , a single taxpayer, has a salary of $ 2 0 0 , 0 0 0 in the current year. T also

1. T, a single taxpayer, has a salary of $200,000 in the current year. T also has the following transactions all involving the sale of capital assets: (1) a gain of $15,000 on a collectible held for 2 years; and (2) a gain of $20,000 on stock held for 15 months.
(a)Determine the amount of Ts net capital gain.
(b)At what rate will the components of Ts net capital gain be taxed?
(c)Assuming there is a flat 30% tax on ordinary income and disregarding any deductions (including the standard deduction and personal exemption), what is Ts tax liability in the current year?

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