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Determine aram taxable income

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Reference no: EM133234221

Aram's taxable income before considering capital gains and losses is $84,000. 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).

Required:

  1. Aram sold a capital asset that he owned for more than one year for a $5,480 gain, a capital asset that he owned for more than one year for a $740 loss, a capital asset that he owned for six months for a $1,680 gain, and a capital asset he owned for two months for a $1,140 loss.

Reference no: EM133234221

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