Compute jeffs regular taxable income and his regular tax

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Question :

Jeff is 59 years old and single with the following tax information for 2019:

- Salary $35,000

- Interest income 2,000

- Qualified dividend income 45,000

- Capital gain on sale of investment land held 11 years 180,000

- Capital loss on sale of stock held 8 months (20,000)

- Itemized expenses after limits 9,600

Compute Jeff's regular taxable income and his regular tax liability for 2019 using the applicable tax rates for his ordinary income and alternative rates for other qualifying income. Ignore any net investment income tax.

Reference no: EM132408489

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