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 2019 taxable 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 Single 94,300 Ordinary income before capital gains (losses) For AGI deductions None Itemized deductions None Standard deduction 12,200 QBID None Tax credits None SALES DATA Adjusted Basis Date Date Purchased Sold Description Amount Realized Stock A 6/1/2018 1/2/2019 14,000 70,500 7,000 425,500 Stock B 1/15/2016 11/30/2019 Stock C 2/1/2019 6/15/2019 2,500 3,500 1,500 7/14/2011 9/5/2019 Stock D 7,000 Antiques Rental property 3/1/1993 7/1/2019 14,000 11,000 8/15/2009 4/22/2019 115,000 110,000 1- All gain realized on sale of rental property is 25% rate gain 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 2019 taxable 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 Single 94,300 Ordinary income before capital gains (losses) For AGI deductions None Itemized deductions None Standard deduction 12,200 QBID None Tax credits None SALES DATA Adjusted Basis Date Date Purchased Sold Description Amount Realized Stock A 6/1/2018 1/2/2019 14,000 70,500 7,000 425,500 Stock B 1/15/2016 11/30/2019 Stock C 2/1/2019 6/15/2019 2,500 3,500 1,500 7/14/2011 9/5/2019 Stock D 7,000 Antiques Rental property 3/1/1993 7/1/2019 14,000 11,000 8/15/2009 4/22/2019 115,000 110,000 1- All gain realized on sale of rental property is 25% rate gain