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vh2000
I may be mistaken, perhaps someone could correct me, however, are your final calcs correct re. Net Profit (gain)?
ie. 508,500 – 477,000 + 9,000 + 400 = $40,900
Taxable gains : 40,900 * 50% = $20,450 … tax at 48.5% = $9,918 (my hubby has 99% ownership, he is in high tax scale)
NET PROFIT : 508,500 – 477,000 – 9, 918 = $21,664
I thought they went along the lines of:
Taxable gains : 40,900 * 50%= $20,450 (so only this amount is taxed at your husbands tax rate of 48.5%)
Thus $20,450 (Half of the total gain)
+ $10,532 (Net after 20,450 – 9918 tax)Net Profit = $30,982
Petelonta
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