Philip and Margery Skalka - Page 10

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                                   (II) taxable income reduced by the                 
                              adjusted net capital gain, plus                         
                    (B) 25 percent of the excess (if any) of--                        
                         (i) the unrecaptured section 1250 gain (or,                  
                         if less, the net capital gain), over                         
                         (ii) the excess (if any) of--                                
                              (I) the sum of the amount on which tax                  
                              is determined under subparagraph (A) plus the           
                              net capital gain, over                                  
                                   (II) taxable income, plus                          
                    (C) 28 percent of the amount of taxable income in                 
                    excess of the sum of--                                            
                         (i) the adjusted net capital gain, plus                      
                         (ii) the sum of the amounts on which tax is                  
                         determined under subparagraphs (A) and (B), plus             
                    (D) 10 percent of so much of the taxpayer’s                       
                    adjusted net capital gain (or, if less, taxable income)           
                    as does not exceed the excess (if any) of--                       
                         (i) the amount of taxable income which would                 
                         (without regard to this paragraph) be taxed at a             
                         rate below 28 percent, over                                  
                         (ii) the taxable income reduced by the                       
                         adjusted net capital gain, plus                              
                    (E) 20 percent of the taxpayer’s adjusted net                     
                    capital gain (or, if less, taxable income) in excess of           
                    the amount on which a tax is determined under                     
                    subparagraph (D).                                                 
               Accordingly, petitioners’ claim that their entire gain from            
          the sale of the property is taxed at a maximum rate of 20 percent           








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