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Mimi, who is in the 37% marginal tax bracket, recently sold a rare set of collectible buttons for $1,000,000.Mimi purchased the set 5 years ago
Mimi, who is in the 37% marginal tax bracket, recently sold a rare set of collectible buttons for $1,000,000.Mimi purchased the set 5 years ago for $500,000.How much is the tax on this transaction before taking into consideration the 3.8% Medicare tax?
A)$185,000
B)$0
C)$75,000
D)$100,000
E)$140,000
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