JESTION 4 (10 points) Lunin and Tonks have taxable income of $415,000 (all ordinary) before...
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JESTION 4 (10 points) Lunin and Tonks have taxable income of $415,000 (all ordinary) before considering the tax effect of their sales (shown below). What is their net capital gain/loss (be sure to show work for potential partial credit What is their tax liability for 2019 assuming they file a joint return? Gain loss Held 1 year 1 year >1 year >1 year $35,000 of the rental house gain is 25% gain (81250 subject to recapture) The couple also had a $15,000 long term capital loss carryforward from prior years. Tax Liability Net capital Gain/Loss Net capital Gain/Los _ 1 Show your worketting of gains and losses
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