7. Lady GaGa (who is single) has salary income of $200,000 and adjusted gross income of...

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7. Lady GaGa (who is single) has salary income of $200,000 and adjusted gross income of $200,000. She has total allowable itemized deductions of $20,000 each year. There is no state income tax. She paid $50,000 for 100 shares of IBM stock 4 years ago. She plans to sell all of the IBM stock for its current value of $60,000 on December 29, 2020? How much additional 2020 federal income tax will she owe on her 2020 federal tax return as a result of this sale? O $1,500 O $1,450 O $2.200 O so 7. Lady GaGa (who is single) has salary income of $200,000 and adjusted gross income of $200,000. She has total allowable itemized deductions of $20,000 each year. There is no state income tax. She paid $50,000 for 100 shares of IBM stock 4 years ago. She plans to sell all of the IBM stock for its current value of $60,000 on December 29, 2020? How much additional 2020 federal income tax will she owe on her 2020 federal tax return as a result of this sale? O $1,500 O $1,450 O $2.200 O so

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7 Lady GaGa single Adjusted gross income 200000 Itemized deductions 20000 Taxable Income 200000 2... View the full answer