Beal recognized a $42,400 net long-term capital gain and a $33,000 net short-term capital loss this year. What is her current net income tax cost from her capital transactions if her marginal rate on ordinary income is 37%?

Name: Beal recognized a $42,400 net long-term capital gain and a $33,000 net short-term capital loss this year. What is her current net income tax cost from her capital transactions if her marginal rate on ordinary income is 37%?
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Question

Quizplus · Accepted Answer

$9,400 net long-term capital gain × 20% = $1,880

Beal Recognized a $42,400 Net Long-Term Capital Gain and a $33,000