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Renee is single and has taxable income of $480,000 without considering the sale of a capital asset (land held for investment) in September of 2013
Renee is single and has taxable income of $480,000 without considering the sale of a capital asset (land held for investment) in September of 2013 for $25,000. That asset was purchased six years earlier and has a tax basis of $5,000. The tax liability applicable to only the capital gain (without consideration of the additional Medicare tax) is (Points : 1)
$3,000. $7,920. $5,600. $4,000
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