Homework Answers
Ans : (C) No more than $15,000 of Satesh's taxable income is taxed.
at 0%
Explanation:
Net Long Term Capital Gain:
| Long Term Capital Gain |
$ 13000 |
| Qualified Div. Income( because it is also taxed at long term cap. gain%) |
$7000 |
| Total |
$20,000 |
| Less: Short Term Capital Loss | ($5000) |
| Net Capital Gain | $15000 |
Taxable other income is $15000
As per IRS if single has taxable income between 0- $ 39375 than capital gain will be taxed @ 0%
Here income is $15000,so capital gain will be taxed at 0%
Hence only (C) is the correct option.
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