Jaiyoun sells Sec. 1231 property this year, resulting in a $4,000 gain. This is the first time he has disposed of any Sec. 1231 property. Jaiyoun's tax rate is 10%. His tax on the Sec. 1231 gain will be
A) $1,120.
B) $0.
C) $400.
D) $600.
Correct Answer:
Verified
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