21. Sue has a $10,000 loss on some collectibles, a $5,000 Sec. 1202 gain, and an...
21. Sue has a $10,000 loss on some collectibles, a $5,000 Sec. 1202 gain, and an $11,000 gain on some securities. If all gains and losses are long-term and Sue is in the 25 percent tax bracket, how is her net gain taxed?
a. $5,000 at 25%; $1,000 at 15%
b. $6,000 at 28%
c. $5,000 at 28%; $1,000 at 15%
d. $6,000 at 15%
e. None of the above
Homework Answers
| The $10,000 loss on some collectibles is adjusted first against $5,000 Sec. 1202 gainand the remaining $5000 against gain on securities. |
| The remaining net gain of $6000 (11000-5000) is taxed at 15% |
| Option D $6,000 at 15% is correct option |
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