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If I have one long term capital gain item, and no short term gains or losses, it appears that I cannot use the tax calculation provided in section 4 of schedule D, and must include the LT cap gain as ordinary income, taxed at the higher rate. The gain item is from the sale of a property bought to rehab and sell, never rented or lived in.

Have I missed something?

Yes, you have. Tell us exactly what is leading you to the conclusion that you don't use Part IV to compute your tax.

Phil Marti
VITA Volunteer
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