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Article: Taxing 28 percent rate gain of non-corporate taxpayers.(Financial Planning Tax Tactics)
- Article from:
- Accounting Today
- Article date:
- December 15, 2003
- Author:
CopyrightCOPYRIGHT 2003 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bob collectibles gain and Section 1202 gain of non-corporate taxpayers are taxed at a maximum rate of 28 percent. What is usually referred to as 28 percent rate gain equals the sum of collectibles gain and Section 1202 gain, over the sum of:
* Collectibles loss;
* Net short-term capital loss; and,
* The amount of long term capital loss carried over to the tax year from the prior year.
Collectibles gain or loss is gain or loss on the sale of a collectible as defined in Internal Revenue Code [section] 408(m) Under that section, collectibles include works of art, rugs, antiques, any metals or gems, stamps, coins and alcoholic beverages.
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