5-44 - I:5-44 Netting Gains and Losses increasing AGI on...

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Trisha, whose tax rate is 35%, sells the following capital assets in 2007 with gains and losses as show Asset Gain or (Loss) Holding Period A $15,000 15 months B 7,000 20 months C (3,000) 14 months a. Determine Trisha's increase in tax liability as a result of the three sales. All assets are stock b. Determine her increase in tax liability if the holding period for asset B is 8 months. c. Determine her increase in tax liability if the holding periods are the same as in Part a but ass
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Unformatted text preview: I:5-44 Netting Gains and Losses increasing AGI on deductions and phaseout amounts. 15% X $19,000 = $2,850 ($7,000 X 35%) + ($12,000 X 15%) = $4,250 ($7,000 X 28%) + ($12,000 X 15%) = $3,760 wn: k held for investment. Ignore the effect of set B is an antique clock....
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This note was uploaded on 06/20/2009 for the course ACC 483 taught by Professor Susankuniyoshi during the Spring '08 term at University of Phoenix.

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5-44 - I:5-44 Netting Gains and Losses increasing AGI on...

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