Capital gains. Pierre is single. In 2020, he earned a salary of $19,400. He also realized a gain of $12,000 on the sale of a capital asset that he had held for three years. He had no other income or transactions. He had no "for AGI” deductions and took the standard deduction ($12,400). How much is his income tax liability for 2020?

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1980 WORKING First calculate Pierres taxable income Taxable i... View the full answer