During 2019, Dana had the following gains and losses. Calculate her 2019 total income tax liability for these items if her tax bracket is 37% LT gain from sale on personal use boat: $5,000 LT gain fro...
During 2019, Dana had the following gains and losses. Calculate her 2019 total income tax liability for these items if her tax bracket is 37%
LT gain from sale on personal use boat: $5,000
LT gain from sale of old jewlery: 300
LT loss from sale of MCM Corp stock: 1,000
LT loss from sale of personal use auto:: 400
ST loss from sale of Swan Co. Stock: 500
ST gain from sale of green co stock: 3,000
Homework Answers
Answers : -
The long term loss can be treated against long term gain and short term loss can be treated against short term gain
Long term gains = $5,000(boat) + $300(jewellery) = $5,300
Long term loss = $1,000( Corp stock) + $400(auto) = $1,400
Long term gain = $5,300 - $1,400 = $3,900
Short term gain - short term loss
= $3,000 - $5,00 = $2,500.
Total taxable gain = $3,900 + $2,500 = $6,400
Tax = $6,400 × 37% = $2,368.
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