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(Solved) 37. LO5 Polly has the following capital gains and losses for the current year: Short-term capital...


37.    LO5 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 Polly’s taxable income and her income tax liability? Assume that Polly is in the 33% marginal tax rate bracket.  

 


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Oct 15, 2019

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