Question: During the current year, Tom, a single taxpayer, sold the following assets: ABC stock $65,000 More than 1 year XYZ stock $3,000 Less than 1

During the current year, Tom, a single taxpayer, sold the following assets:

ABC stock $65,000 More than 1 year

XYZ stock $3,000 Less than 1 year

Stamp collection $(2,000) More than 1 year

RST stock $1,000 Less than 1 year

Rental home* $90,000 More than 1 year

*$30,000 of the gain is a 25% gain (from accumulated depreciation on the property).

The remaining gain is 0/15/20% gain.

Given that Tom has taxable income of $350,000 (all ordinary) before considering the tax effect of his asset sales, what is his gross tax liability for 2020?

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