31 adjusted net capital gain is taxed at 15 for taxpayers with marginal tax rates of 4314405

31 adjusted net capital gain is taxed at 15 for taxpayers with marginal tax rates of 4314405

31) Adjusted net capital gain is taxed at 15% for taxpayers with marginal tax rates of 15% or higher, but less than 39.6%.

32) Generally, gains resulting from the sale of collectibles such as antiques, stamps, or artwork are taxed at a maximum rate of 25%.

33) If the taxpayer's net long-term capital losses exceed the net short-term capital gains, the excess may be offset against ordinary income up to $3,000 per year.  Any excess losses over $3,000 may be carried over indefinitely.

34) When a taxpayer has NSTCL and NLTCG, the loss is offset against NLTCG from the 28% group, then NLTCG from the 25% group, and finally against NLTCG from the 15% or 20% group.

35) Taxpayers who own mutual funds recognize their share of capital gains even if no distributions are received.

36) Unlike an individual taxpayer, the corporate taxpayer does not utilize the 25% and 28% specialty capital gain rates, but it does apply the 15% tax rate to adjusted net capital gain.

37) Corporate taxpayers may offset capital losses only against capital gains and may carry excess losses back three years and then forward five years.

38) Stock purchased on December 15, 2012, which becomes worthless in March 2013 produces a STCL since the holding period is one year or less.

39) Gain on sale of a patent by an inventor generally is ordinary income.

40) The gain or loss on an asset purchased on March 31, 2012, and sold on March 31, 2013, is classified as short-term.

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