Solved

Kendrick,whose Tax Rate Is 32%,had the Following Results from Transactions

Question 90

Multiple Choice

Kendrick,whose tax rate is 32%,had the following results from transactions during the year:  Collectibles gain $20,000 Short-term capital loss 4,000 Long-term capital gain 8,000\begin{array} { | l | r | } \hline \text { Collectibles gain } & \$ 20,000 \\\hline \text { Short-term capital loss } & 4,000 \\\hline \text { Long-term capital gain } & 8,000 \\\hline\end{array} After offsetting the STCL,what is (are) the resulting gain(s) ?


A) $16,000 collectibles gain,$8,000 LTCG
B) $20,000 collectibles gain,$4,000 LTCG
C) $24,000 LTCG
D) $20,000 collectibles gain,$8,000 LTCG

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents