In Ms Ennis, a head of household, contributed $ in exchange for shares of Seta stock. Seta is a qualified small
business. This year, Ms Ennis sold all shares for $ Her only other investment income was an $ longterm capital gain
from the sale of land. Her taxable income before consideration of her two capital transactions is $ Assume the taxable year is
Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends.
Required:
a Compute Ms Ennis's income tax and Medicare contribution tax for the year.
b How would the computation change if Ms Ennis acquired the Seta stock in instead of
c How would the computation change if Ms Ennis acquired the Seta stock in instead of
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Compute Ms Ennis's income tax and Medicare contribution tax for the year.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
