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