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Accounting

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Required information
[The following information applies to the questions displayed below.]
Aram's taxable income before considering capital gains and losses is $61,000. Determine Aram's taxable income and how much of the income will be taxed at ordinary rates in each of the following alternative scenarios (assume Aram files as a single taxpayer).
a. Aram sold a capital asset that he owned for more than one year for a $5,020 gain, a capital asset that he owned for more than one year for a $510 loss, a capital asset that he owned for six months for a $1,220 gain, and a capital asset he owned for two months for a $910 loss.
\table[[Taxable income,],[Income taxed at ordinary rates,]]
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