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  • Profile photo of Pete_6Pete_6
    Member
    @pete_6
    Join Date: 2002
    Post Count: 1
    June 2, 2003 - 9:58 pm

    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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