Ted is a smaller real estate developer and quite wealthy and currently has a net income of roughly $1,000,000 per year. Ted lives in CA. His marginal tax bracket is 50% after including state and federal taxes. This is also his short-term capital gains rate. His long-term capital gains rate, federal and state combined, is 2.5%. Ted made a futures bet on oil this past year, netting $300,000 in profit. He held the trade for exactly 7 months. What is Ted's tax liability (federal and state combined) on this oil futures trade? $75,000 $105,000 $120,000 $150,000 $250,000 None of the above