During 2020, Chester (a married taxpayer filing a joint return) had the following transactions involving capital asset Gain on the sale of an arrowhead collection (acquired as an investment at different times but all pieces have been for more than 1 year) Loss on the sale of IBM Corporation stock (purchased 11 months ago as an investment) Gain on the sale of a city lot (acquired 5 years ago as an investment) a. Indicate the tax treatment for each item. Gain on the sale of an arrowhead collection Long-term cap Loss on the sale of IBM Corporation stock Short-term cap Gain on the sale of a city lot Long-term capi X. However, $ X of th Overall, Chester has a long-term capital gain of $ collectibles, which are taxed at a maximum rate of 28% Feedback b. If Chester has taxable income (including the property transactions) of $378,400, what is the income tax regardin He has a marginal tax rate of 32%. If Chester has taxable income (including the property transactions) of $74,125, what is the income tax regarding the has a marginal tax rate of 12% Incorrect $ During 2020, Chester (a married taxpayer filing a joint return) had the following transactions involving capital asset Gain on the sale of an arrowhead collection (acquired as an investment at different times but all pieces have been for more than 1 year) Loss on the sale of IBM Corporation stock (purchased 11 months ago as an investment) Gain on the sale of a city lot (acquired 5 years ago as an investment) a. Indicate the tax treatment for each item. Gain on the sale of an arrowhead collection Long-term cap Loss on the sale of IBM Corporation stock Short-term cap Gain on the sale of a city lot Long-term capi X. However, $ X of th Overall, Chester has a long-term capital gain of $ collectibles, which are taxed at a maximum rate of 28% Feedback b. If Chester has taxable income (including the property transactions) of $378,400, what is the income tax regardin He has a marginal tax rate of 32%. If Chester has taxable income (including the property transactions) of $74,125, what is the income tax regarding the has a marginal tax rate of 12% Incorrect $