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3. Cory recently sold his qualified small business stock (acquired October 1, 2010) for $90,000 after holding it for ten years. His basis in the

3. Cory recently sold his qualified small business stock (acquired October 1, 2010) for $90,000 after holding it for ten years. His basis in the stock is $40,000. Assuming his marginal tax rate is 35 percent, how much tax will he owe on the sale?

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