Hello, Would you please tell me how much capital gains tax I would pay this year if I hypothetically earn $100,000 in profits trading commodities as of December 31 2007 and also this year I give $100,000 to my Church or another Christian ministry before December 31 2007. Using the above scenario, I basically would have made $100,000 and subsequently given $100,000 away. I'm not sure how this scenario differs from the normal 'cut and dry' percentages of capital gains I'm used to paying. Thanks for all your help.
Go to line 8 and 9 to get your answer. As far as the 100k donation? I'd like to know the answer to that myself. Anything to get more money out of the hands of the IRS is a good thing. http://www.irs.gov/pub/irs-pdf/f6781.pdf