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Could someone please explain to me the difference between 4c and 4b. Plus why do they want me to subtract line 4c from 4b?

Take a look at the instructions. Line 4b is net capital gains. Line 4c is your long-term capital gains receiving the reduced tax rate. This reduces the amount of investment income available for computing allowable investment interest. Also see the instructions for line 4e, where you can elect to forego the special tax rate.

Phil Marti
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