What is mollys net long-term capital gain

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Reference no: EM133611917

Question: Molly is a local baker in Denver. Molly is in the 24% tax bracket. In 2020, she has the following capital gains and losses: Short-term Capital Gains: $12,000 Short-term Capital Loss: ($3,500) Long-term Capital Gain: $2,000 Long-term Capital Loss: ($3,000) a) What is Molly's Net Short-term Capital Gain? b) What is Molly's Net Long-term Capital Gain? c) Does Molly actually have a Net Capital Gain amount here? What will be the presumptive tax rate for the excess gain be?

Reference no: EM133611917

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