1.Erin, a single taxpayer, has a taxable income of $103000 in the current year before considering the following capital gain and losses:
Short term capital gain $3000
Long term capital gain $22000
Unrecaptured Section 1250 gain $14000
In addition, Erin has an $8000 long term capital loss carryover from last year. What are the effects of these transactions on Erin's taxable income and her income tax liability?
2. Jennifer is single and has the following income and expenses:
Salary $76000
Interest income $5000
Dividend Income $9000
Long term capital gain $10000
Short term capital gain $14000
Deductions for AGI $3000
Deductions from AGI $9000
Calculate Jennifer's taxable income and income tax liability.