Explain how much will they pay or save in taxes as a result

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So-hyum and Tim are married taxpayers in the 33% marginal tax bracket. In 2003 they sold mutual shares for a long term capital loss of $9000. In addition, they sold the home that lived in for the past 10 years and experienced a $75000 gain on the home. How much will their net capital gains (losses) be for 2003? How much will they pay (or save) in taxes as a result of these transactions?

Reference no: EM1353659

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