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Business, 07.04.2020 17:24 stricklandjoseph12

Kimberly, a single taxpayer, sold three capital assets during September 2019. She sold a collectible painting held five years for a gain of $3,000; stock held three years for a loss of $1,000; and stock held seven years for a gain of $5,000. Kimberly’s ordinary income marginal tax rate is 32% and her Regular LT Capital Gain tax rate is 15%. Compute Kimberly’s additional tax due as a result of these capital transactions.

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Kimberly, a single taxpayer, sold three capital assets during September 2019. She sold a collectible...
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