Henry and Jane, MFJ (taxable income is $305,000 before considering any of the items below),...
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Accounting
Henry and Jane, MFJ (taxable income is $305,000 before considering any of the items below), sold the following assets during the year:
Asset
Sale Price
Tax Basis
Gain or Loss
Holding Period
ABC Stock
$ 51,000
$ 25,500
$ 25,500
More than One Year
XYZ Stock
$ 13,000
$ 9,750
$ 3,250
Less than One Year
Stamp Collection
$ 11,000
$ 5,500
$ 5,500
More than One Year
RST Stock
$ 14,000
$ 20,000
$ (6,000)
Less than One Year
Rental Home
$ 101,000
$ 50,500*
$ 50,500
More than One Year
*$25,250 of the gain is a 25 percent gain. The remaining gain is 0% or 15% or 20%.
Henry also has $5,000 of dividends which are not included in the $305,000. What is Henrys total tax liability? Note: Round final answer to the nearest whole number.
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