Polly has the following capital gains and losses for the
current year:
Short-term capital gain $ 1,000
Short-term capital loss 8,000
Long-term capital gain 5,000
Collectibles gain &
»
Polly has the following capital gains and losses for the
current year:
Short-term capital gain $ 1,000
Short-term capital loss 8,000
Long-term capital gain 5,000
Collectibles gain 16,000
Collectibles loss 3,000
What is the effect of the capital gains and losses on
Pollys taxable income and her income tax liability? Assume that Polly is in
the 33% marginal tax rate bracket.
»