Question: Please answer the questions below, show your work if possible. Facts : Question A. Taxpayer is single with TI of $47,000 which includes an $11,000

Please answer the questions below, show your work if possible.

Facts : Question

A. Taxpayer is single with TI of $47,000 which includes an $11,000 ANCG.

B. John purchase qualified small business stock for $200,000 in 2008 and sold the stock in 2020 for a realized gain of $14 million.

1. What is the taxpayer's tax liability?

2. What tax rate will apply to the gain recognized on the same? If more than one tax rate, state the amount of gain which will apply at each level.

*The country name is United States*

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