Collectibles that are held long-term and sold at a gain are subject to maximum tax rate of 28%.An individual taxpayer recently sold an antique car for $40,000.The taxpayer had originally paid $30,000 for the car and had held it for for several years .Explain why the car is or is not a collectible.

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The Answer of Collectibles that are held long-term and sold at a gain are subject to maximum tax rate of 28%.An individual taxpayer recently sold an antique car for $40,000.The taxpayer had originally paid $30,000 for the car and had held it for for several years .Explain why the car is or is not a collectible.

Collectibles That Are Held Long-Term and Sold at a Gain