Daniel purchased qualified small business corporation stock for $200,000.In 2016 he sells the stock for $2,200,000,realizing a $2,000,000 gain.Determine the taxes due under the following independent situations (apply current tax rates,but ignore any additional Medicare taxes on investment income):
(a)Daniel purchased the stock on February 1,2006.
(b)Daniel purchased the stock on March 1,2009.
(c)Daniel purchased the stock on October 1,2010.

Question

Quizplus · Accepted Answer

The Answer of Daniel purchased qualified small business corporation stock for $200,000.In 2016 he sells the stock for $2,200,000,realizing a $2,000,000 gain.Determine the taxes due under the following independent situations (apply current tax rates,but ignore any additional Medicare taxes on investment income):
(a)Daniel purchased the stock on February 1,2006.
(b)Daniel purchased the stock on March 1,2009.
(c)Daniel purchased the stock on October 1,2010.

Daniel Purchased Qualified Small Business Corporation Stock for $200,000