Exam 2 Flashcards
1
Q
What is the formula for Adjusted Net Capital Gains? (ANCG)
A
NCG - Collectibles gain and Sec. 1202 gain - uncaptured sec. 1250 gain + QDI (Qualified Dividend Income)
2
Q
What consists of the 28% group for capital gains and losses?
A
- Collectibles held over 1 year
2. Sec 1202 gains
3
Q
What consists of the 25% group for capital gains and losses?
A
Uncaptured Sec 1250 gains
4
Q
What consists of the 15% group for capital gains and losses?
A
All other LTCG and LTCL that don’t fall into group 1 or 2.
5
Q
What consists of the ordinary tax rate groups for capital gains and losses?
A
STCG and STCL.
