3) Ron is single and in 2020 has a taxable income of $480,000. This taxable income includes the following investment income: Interest income: 20,000 Qualified dividend income: 20,000 Nonqualified dividend income: 10,000 Short term capital gains: 25,000 Long term capital gains: 40,000 Calculate Ron's income tax liability for 2020 (round to whole dollar and do not add any additional taxes other than the income tax): a) $ 142,795 b) $ 136,723 c) $133,796 d) $ 132,723 e) $ 130,795 Please show all your work.

3) Ron is single and in 2020 has a taxable income of $480,000. This taxable income includes the following investment income: Interest income: 20,000 Qualified dividend income: 20,000 Nonqualified dividend income: 10,000 Short term capital gains: 25,000 Long term capital gains: 40,000 Calculate Ron's income tax liability for 2020 (round to whole dollar and do not add any additional taxes other than the income tax): a) $ 142,795 b) $ 136,723 c) $133,796 d) $ 132,723 e) $ 130,795 Please show all your work.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 9MCQ: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in...

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