Reference no: EM133087668
Question - In Year 1, Jeff and Kim Jenson (married filing a joint return) have $200,000 of taxable income before considering the following transactions:
On March 2, Year 1, they sold a painting (art) for $100,000 that was purchased 15 years ago for $90,000.
A $12,000 loss on 11/1, Year 1 sale of bonds (acquired on 5/12, 5 years ago);
A $4,000 gain on 12/12, Year 1 sale of IBM stock (acquired on 2/5, Year 1);
A $17,000 gain on the 10/17, Year 1 sale of rental property. Of the $17,000 gain, $8,000 is reportable as gain subject to the 25% maximum rate and the remaining $9,000 is subject to the 15% maximum rate (the property was acquired on 8/2, 6 years ago. The acquiring date was after 1986);
A $12,000 loss on 12/20, Year 1 sale of bonds (acquired on 1/18, Year 1);
A $7,000 gain on 8/27, Year 1 sale of BH stock (acquired on 7/30, 10 years ago); and
A $11,000 loss on 6/14, Year 1 sale of QuikCo. Stock (acquired on 3/20, 5 years ago).
Required - What is Jenson's Year 1 additional tax liability as a result of the above transactions?
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