Final answer:
Jeb's gross tax liability involves calculating the taxes on his net capital gain and additional capital gain, considering different tax rates for capital gains depending on their nature and his income bracket. Without specific tax tables, the exact amount cannot be determined, but capital gains are generally taxed at lower rates than ordinary income for individuals in lower income brackets like Jeb.
Step-by-step explanation:
The question involves calculating Jeb's gross tax liability for the year, considering he has a net capital gain and an additional capital gain. Based on the provided tax brackets, we can determine that since his taxable income is relatively low ($10,000), Jeb would be in the lower end of the tax spectrum if this were ordinary income. However, capital gains are taxed differently, depending on the nature of the gains and holding periods.
Jeb has a $48,000 net capital gain that is taxed at 25%, which is likely a short-term capital gain. Meanwhile, the $400,000 capital gain which is taxed at 0/15/20% suggests this is a long-term capital gain, and the rate depends on his income bracket. If Jeb's taxable income is $10,000 (from other sources, assuming standard deductions and exemptions have been applied), the 0% rate likely applies to a significant portion of his long-term capital gain. The exact amount of tax due can vary greatly depending on how much of the gain exceeds the 0% threshold and moves into higher brackets.