Ms. Imo, who is single, purchased her first home in 1991 for $85,000, and sold it in May 2000 for $178,500
Ms. Imo, who is single, purchased her first home in 1991 for $85,000, and sold it in May 2000 for $178,500. She
purchased her second home in July 2000 for $385,000 and sold it this year for $700,000.
- a. Compute Ms. Imo’s taxable gain on the 2000 sale and on this year’s sale.
- b. Compute the income tax and Medicare contribution tax on her gain this year if her marginal rate on ordinary income is 39.6 percent.
Please show work so I can understand it
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