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    Capital asset transactions for income tax for Joan

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    Joan is in the 15% tax bracket and had the following capital asset transactions during 2007:

    Long-term gain from the sale of a coin collection $11,000
    Long-term gain from the sale of a land investment 10,000
    Short-term gain from the sale of a stock investment 2,000

    Joan's tax consequences from these gains are as follows:
    a) (5% ´ $10,000) + (15% ´ $13,000).
    b) (5% ´ $10,000) + (28% ´ $11,000) + (15% ´ $2,000).
    C)(15% ´ $13,000) + (28% ´ $11,000).
    d)(15% ´ $23,000).
    e)None of the above.

    © BrainMass Inc. brainmass.com June 3, 2020, 9:32 pm ad1c9bdddf
    https://brainmass.com/business/capital-asset-pricing-model/capital-asset-transactions-for-income-tax-for-joan-187056

    Solution Summary

    Calculations find the tax consequence from a person in the 15% bracket's gains.

    $2.19

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