Genevieve sold 300 shares of stock on June 13, 2015 for $52,400. She purchased the shares on the following dates: Assume these shares of stock sold were her only net investment income for 2015.
a. Determine the amount and character of the recognized gains or losses on the sale of the stock.
b. If Genevieve is in the 33% tax bracket, what is the amount of tax assessed on the sale of the stock considered long term?
c. If Genevieve is in the 15% tax bracket, what is the amount of tax assessed on the sale of the stock considered long term?
d. If Genevieve is in the 39.6% tax bracket, what is the amount of tax assessed on the sale of the stock considered long term?

Question

Genevieve sold 300 shares of stock on June 13, 2015 for $52,400. She purchased the shares on the following dates:  Assume these shares of stock sold were her only net investment income for 2015.
a. Determine the amount and character of the recognized gains or losses on the sale of the stock.
b. If Genevieve is in the 33% tax bracket, what is the amount of tax assessed on the sale of the stock considered long term?
c. If Genevieve is in the 15% tax bracket, what is the amount of tax assessed on the sale of the stock considered long term?
d. If Genevieve is in the 39.6% tax bracket, what is the amount of tax assessed on the sale of the stock considered long term?

Quizplus · Accepted Answer

The Answer of Genevieve sold 300 shares of stock on June 13, 2015 for $52,400. She purchased the shares on the following dates:  Assume these shares of stock sold were her only net investment income for 2015.
a. Determine the amount and character of the recognized gains or losses on the sale of the stock.
b. If Genevieve is in the 33% tax bracket, what is the amount of tax assessed on the sale of the stock considered long term?
c. If Genevieve is in the 15% tax bracket, what is the amount of tax assessed on the sale of the stock considered long term?
d. If Genevieve is in the 39.6% tax bracket, what is the amount of tax assessed on the sale of the stock considered long term?

Genevieve Sold 300 Shares of Stock on June 13, 2015