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How much is McDuck tax liability

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Reference no: EM132710564

Question - During 2020, Scrooge McDuck has the following gains and losses:

LTCG (long-term capital gain) $7,425

STCG (short-term capital gain) 3,650

STCL (short-term capital loss) 4,800

LTCL (long-term capital loss) 1,385

Required -

a. How much is McDuck's tax liability if he is in the 10% tax bracket?

b. How much is McDuck's tax liability if he is in the 24% tax bracket (not 10%)?

Reference no: EM132710564

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