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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%)?
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