Capital Gains Tax
Response to the following problem:
During 2014, Taylor sells two capital assets. The first results in a $9,000 short-term capital gain. The second results in a $2,600 long-term capital loss. Taylor's AGI without taking these gains and losses into consideration is $125,444 (no qualified dividends). Taylor files as a qualifying widow(er) and deducts the standard deduction. He claims his son as a dependent. Compute Taylor's 2014 income tax liability.