Homework Answers
Solution:
Long- term Capital Gain = $9100
Short - term Capital Losses = $ 8100
For long term capital gain we have to give tax for the gain,
Long term capital gain tax rate = 18%
so the tax = $9100*18% = $1638.
There is Short term capital losses. so there is a tax benefit from the losses
tax benefit is $8100 * 24% = $1944
In the current tax year Gary saved $306 tax.
$1944 - $1638 = $306
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