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Business, 11.02.2020 22:43 b00n4l1f3

Jason and Jill are married and have a six-year-old daughter. During the year, they sell one acre of land for $80,000. Three years ago, they paid $70,000 for two acres of land. Their other income and deductions are as follows:
Jill's commissions $82,000
Jason's salary 46,000
Dividend income 5,000
Interest income 8,000
Short-term loss on sale of stock in Nippon Inc. 15,000
Deductions for adjusted gross income 28,000
The standard deduction is $12,600 for married taxpayers filing jointly. The personal and dependency exeption is $4,000. Dividends and net long-term capital gains are taxed at a rate of 15%.
Round intermediate calculations to the nearest dollar.
Jason and Jill's taxable income is $ . The tax on their eligible dividends and capital gains is $ and totalincome tax liability is $ for the current year.

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Jason and Jill are married and have a six-year-old daughter. During the year, they sell one acre of...

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