2003 Long Term Capital Gains Tax Rates

[JeffNY]

In 2003 three New York residents own a building worth $1,500,000. There is still a mortgage of $600,000. So each person has $300,000 in equity.

If the building was sold in 2003 what long term capital gains tax would a person pay (assuming he was married and had a married income over $100,000 in 2003)?

It looks like the Federal rate would be 15%...
(according to Wikipedia)

Can't find what the 2003 New York Capital Gains Tax rate was though. 8.75%?

Thanks,
Jeff-

 

[army judge]

You need to speak with a CPA or tax attorney.

You're on the right track, but a mistake on this will cost you big.

I'd rather pay a lawyer or a CPA than let NY state and the feds rip me off!

Besides, if this is for some college accounting class, I'm not doing your homework! :no:

 

[JeffNY]

No, this is not for "some college accounting class". We had a family business deal, where one party wanted "out" in 2003. The building was not sold, but we are trying to be fair to all parties, and compute a fair value to be paid to the person (over time) who wanted out.

But thanks,
Jeff