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Taxpayer is in the 35% tax bracket and had the following capital asset transactions during 2016: Long-term gain from the sale of a coin collection
Taxpayer is in the 35% tax bracket and had the following capital asset transactions during 2016:
Long-term gain from the sale of a coin collection $11,000
Long-term gain from the sale of a land investment 10,000
Long-term gain from the sale of a stock investment 2,000
How will Taxpayer be taxed on these transactions?
A.(5% $10,000) + (15% $13,000)
B.(15% $13,000) + (28% $11,000)
C.(15% $23,000)
D.None of these choices are correct.
E.(0% $10,000) + (15% $13,000)
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