In July 2014, Harriet sells a stamp from her stamp collection at a gain of $500. Harriet purchased the stamp in 2009. If Harriet is in the 33% marginal tax rate bracket and has no other capital asset sales in 2014, what is her tax on the sale of the stamp?

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Quizplus · Accepted Answer

The tax on the sale of the stamp is $140. This is because Harriet is in the 33% marginal tax rate bracket, and she has a gain of $500 on the sale of the stamp. Therefore, she will owe $500 x 0.33 = $140 in taxes on the sale.

In July 2014, Harriet Sells a Stamp from Her Stamp