Mr$.$ and Mrs$.$ Tuscano file a joint return and have taxable income of $ $510$ comma $000$ without considering the following information.

View the independent fact situations.LOADING...

View the $2024$ tax rate schedule for the Married filing jointly filing status.LOADING...

View the Preferential Rates for Adjusted Net Capital Gain $($ANCG$)$ and Qualified Dividends.LOADING...

Requirement

Determine the increase in their tax liability for each independent fact situation.

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Part $1$

Situation a$.$ Determine the increase in their tax liability when they have a$$ short$-$term capital gain$($STCG$)$ of $ $33$ comma $000$ and a$$ long$-$term capital loss$($LTCL$)$ of $ $20$ comma $000.$

Increase in tax liability

$$4,550$

Part $2$

Situation b$.$ Determine the increase in their tax liability when they have a$$ long$-$term capital gain$($LTCG$)$ of $ $23$ comma $000$ due to the sale of a collectible and a LTCG of $ $9$ comma $500$ due to the sale of General Motors stock.

Increase in tax liability

$$7,865$

Part $3$

Situation c$.$ Determine the increase in their tax liability when they have a$$ long$-$term capital gain$($LTCG$)$ of $ $23$ comma $000$ due to the sale of a$$ collectible, a LTCG of $ $9$ comma $500$ due to the sale of General Motors stock and a$$ short$-$term capital loss$($STCL$)$ of $ $5$ comma $400.$

Increase in tax liability