Mr. and Mrs. Sedlock file a joint return and have a taxableincome of $370,000 without considering the following informationbelow. Determine the increase in their tax liability for thefollowing independent fact situations.
a. They have a STCG of $20,000 and a LTCL of $12,000.
b. They have a LTCG of $30,000 due to the sale of a collectibleand a LTCG of $9,000 due to the sale of General Motors stock.
c. Same as part b except they also have a STCL of $4,400.
