Chapter 11 & Part 3 Spring 12

Chapter 11 & Part 3 Spring 12 - Burkett Tax 1...

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Burkett – Tax 1 – Chapter 11 & 3 1 Section 1231 Netting Joe sells 2 parcels of land that he used for storage in his business. Both have been held for longer than one year. Net assuming these are his only property transactions and compute tax or tax savings assuming a 25% MTR. Gain on parcel 1 is $20,000 Loss on Parcel 2 is $15,000 What if Joe had a $10,000 1231 loss two years ago that was treated as an ordinary loss and no 1231 transactions since? Change parcel 2 to a $25,000 loss
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Burkett – Tax 1 – Chapter 11 & 3 2 Adjusted Net Capital Gain (Outline Example) TP Jones is a taxpayer in the 35% tax bracket and has the following capital gains and losses in the current year: Short-term capital gain $ 5,000 Short-term capital loss (19,000) Collectibles gain 15,000 Collectibles loss (5,000) Long-term capital gain 14,000 Long-term capital loss (6,000) Affect on AGI? Tax ?
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Burkett – Tax 1 – Chapter 11 & 3 3 Adjusted Net Capital Gain (2) TP Jones is a taxpayer in the 35% tax bracket and has the following capital
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Chapter 11 & Part 3 Spring 12 - Burkett Tax 1...

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