Tom sold mutual fund shares he had owned 3 years so that he could use the proceeds to return to college.Tom is in the 15% marginal tax bracket and his capital gains from this sale were $11,000.How much tax would Tom owe on those gains?
A) $11,000
B) $ 3,080
C) $ 1,650
D) $ 1,100
E) $ 550
Correct Answer:
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