Problem 6 - 1. Arnold is in the 25% tax bracket for his...

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1. Arnold is in the 25% tax bracket for his regular income. He has the following during the year: LTCG (long term capital gain): $20,000 LTCL (long term capital loss): $12,000 STCG (short term capital gain): $24,000 STCL (short term capital loss): $9,000 How much tax will he owe on his capital gain/loss transactions? 2. Alex is in the 25% tax bracket for his regular income. He has the following during the year: LTCG (long term capital gain): $20,000 LTCL (long term capital loss): $12,000 STCG (short term capital gain): $2,000 STCL (short term capital loss): $9,000 How much tax will he owe on his capital gain/loss transactions? 3. Andy is in the 25% bracket for his regular income. He has the following during the year: LTCG (long term capital gain): $13,000 LTCL (long term capital loss): $12,000 STCG (short term capital gain): $4,000 STCL (short term capital loss): $9,000 4. Maureen and Ed are married. After living in their home for 13 years, they sold it for a gain of $725,000. (a) How much of their gain is taxable? (ANS: Only $225,000 due to the $500,000 exclusion.)
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Problem 6 - 1. Arnold is in the 25% tax bracket for his...

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