gparch1
Level 3
02-19-2024
06:14 PM
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The client's ordinary income (i.e., without the capital gain) is within the 22% tax bracket and with the capital gain is in the 24% tax bracket. The capital gain from India exceeds $71,000. I did not see references to those in the 1116 instructions, just to the Worksheet A and Worksheet B for adjustment exception for capital gains.