What tax forms related to their property transactions

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Problem - Sasha and Tara are married, filing jointly. Their correctly determined 2019 taxable income is $127,000. This taxable income includes a $5,000 § 1231 gain from the sale of business land that was included in their $22,000 of net long term capital gain. None of the net long-term capital gain was from collectibles.

Required -

a. In addition to their Form 1040, what tax forms related to their property transactions would the couple include in their income tax return?

b. Calculate the couple's tax on taxable income using the alternative tax on net capital gain method.

Reference no: EM132672106

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