INSTRUCTIONS: Using the taxpayer information and sales data below net any capital gains and losses apply the capital gain netting process, use the tax formula to determine the taxable income and calculate the taxpayer's tax liability for the 2020 tacable year. Note that all gain realized on the sale of the rental property is 25 percent rate gain. See the sample solution provided for the recommended presentation. Your solution must show the netting process and tax liability calculations Solutions that do not show work will not be awarded credit TAXPAYER INFORMATION Marital status Ordinary income before capital gains (losses) For AGI deductions Itemized deductions Standard deduction QBID Tax credits Married Filing Jointly 339.400 None None 24.800 None None CHARACTER CHECK TOTALS Adjusted Description Stock A Stock Stock Stock Antiques Rental property Date Purchased 6/1/2019 1/15/2016 2/1/2020 7/14/2012 3/1/1993 8/15/2009 SALES DATA Date Sold 1/2/2020 11/30/2020 6/15/2020 9/5 2020 7/1/2020 4/22/2020 7 500 9.000 8,200 7.500 20.000 110 000 Amount Realized 11.000 185.000 2.700 2.500 21.000 150.000 Holding ST LT ST LT LT LT Type 15 15 15 15 28 25 Gain LOSS 3.500 ST 176.000 LT (5.500) LT (5.000) LT 1.000 40.000 15 28 25 15 (2.000) 1 000 40,000 171.000