What would be the individual's total federal tax (federal tax less credits) in 2022?   Group of answer choices   4,676   6,881   4,774   None of these   6,835

Q: 103 EZslide snowboards were sold. Buffalo Corp. uses a period anation ntory mases ases ases Units…

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A: WACC stands for Weighted Average Cost of Capital. It is a financial metric that represents the…

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Q: Qualified Business Income (QBI

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Q: (a) The liabilities of Culver Company are $86,000, Common stock account is $156,000; dividends are…

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.