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Problem 7-52 (LO 7-2) Christopher sold 220 shares of Cisco stock for $17,380 in the current year. He purchased the shares several years ago for
Problem 7-52 (LO 7-2) Christopher sold 220 shares of Cisco stock for $17,380 in the current year. He purchased the shares several years ago for $7,040. Assuming his ordinary income tax rate is 24 percent, and he has no other capital gains or losses, how much tax will he pay on this gain? (Use the dividends and capital gains tax rates and tax rate schedules.) Tax to be paid
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