Problem 6-39 (Algorithmic) (LO. 1) Julio Gonzales is in the 32% tax bracket. He acquired 2,000 shares of stock in Gray Corporation seven years ago at a cost of $100 per share. In the current year, Julio received a payment of $150,000 from Gray Corporation in exchange for 1,000 of his shares in Gray. Gray has E & P of $6,000,000. What income tax liability would Julio incur on the $150,000 payment in each of the following situations? Assume that Julio has no capital losses and taxpayers in the 32% tax bracket are subject to the long-term capital gains and qualified dividends tax rate of 15% a. The stock redemption qualifies for sale or exchange treatment. Julio has a capital gain of $ 100,000 x . Julio's tax liability would be $ 15,000 X Feedback Check My Work Noncorporate shareholders generally prefer to have a stock redemption treated as a sale or exchange rather than as a dividend distributio b. The stock redemption does not qualify for sale or exchange treatment. Julio has dividend income of $ 0 X. Julio's tax liability would be $ 22,500 Feedback Check My Work Partially correct