Mr. Quinn, a single taxpayer, recognized a $900 net short-term capital gain and a $1,380 long-term capital gain this year. Which of the following statements is false?
A) If Mr. Quinn's taxable income excluding his capital gains is $30,000 (marginal tax rate of 12%) , the total income tax on his capital gains is $108.
B) If Mr. Quinn's taxable income excluding his capital gains is $530,000 (marginal tax rate of 37%) , the total income tax on his capital gains is $609.
C) Only $1,380 of the capital gain is subject to a preferential tax rate.
D) None of these choices arefalse.
Correct Answer:
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