55.0k views
4 votes
Mrs. Cox, a head of household, earned a $313,000 salary and recognized a $29,300 net long-term capital gain this year. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: Compute the income tax on the gain if: (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) None of the gain is collectibles gain or unrecaptured Section 1250 gain. $10,000 is collectibles gain. $15,500 is unrecaptured Section 1250 gain. $1,700 is collectibles gain and $22,000 is unrecaptured Section 1250 gain.

User Scrimothy
by
8.7k points

1 Answer

2 votes

Step-by-step explanation:

. $4,395 ($29,300 long-term capital gain × 15%)

User Rasanjana N
by
7.6k points