In the current tax year, a taxpayer sells a painting for $12,000. She purchased the painting two years ago for $8,000. The short-term capital gains rate is 25%. The long-term capital gains rate is 15%. What is the taxpayer's gain for the current tax year? O $600 short-term capital gain. O $600 long-term capital gain. O $1,000 long-term capital gain. O$1,000 short-term capital gain
In the current tax year, a taxpayer sells a painting for $12,000. She purchased the painting two years ago for $8,000. The short-term
O $600 short-term capital gain.
O $600 long-term capital gain.
O $1,000 long-term capital gain.
O$1,000 short-term capital gain
An individual with a taxable income of $50,000 sells 300 shares of stock at a market price of $100 per share. At the individual's present level of income, there is a marginal ordinary income tax rate of 25% and a long-term capital gains rate of 15%. 200 shares of the stock were acquired 13 months earlier at a price of $80 per share, and 100 shares were acquired two years earlier at a price of $60 per share. What is this individual's tax liability after this transaction?
O $2,000
O $1,800
O $8,000
O $1,200
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