Question: Mr. Smith (age 52) is a single individual with adjusted gross income of $122,000 in 2022. Mr. Smith does not itemize. Included in Mr. Smiths

Mr. Smith (age 52) is a single individual with adjusted gross income of $122,000 in 2022. Mr. Smith does not itemize. Included in Mr. Smiths adjusted gross income of $122,000 is a long-term capital gain of $5,000. Compute Mr. Smiths taxable income and income tax liability for 2022.

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