Mr. Quinn recognized a $900 net short-term capital gain and a $1,380 long-term capital gain this year. Which of the following statements is false?

1. If Mr. Quinn's marginal tax rate on ordinary income is 12%, the total income tax on his capital gains is $108.
2. If Mr. Quinn's marginal tax rate on ordinary income is 37%, the total income tax on his capital gains is $609.
3. Only $1,380 of the capital gain is subject to a preferential tax rate.
4. None of the above is false.

Please work out every solution.