Renee is single and has taxable income of $480,000 without considering the sale of a capital asset (land held for investment)in September of 2017 for $25,000.That asset was purchased six years earlier and has a tax basis of $5,000.The tax liability applicable to only the capital gain (without consideration of the additional Medicare tax)is

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D)
 11ea7cb8_54a2_2328_928c_abdd51270ab0_TB1258_00 The tax rate for this adjusted net capital gain (ANCG)is 20% since the taxpayer's regular tax rate is 39.6%.

Renee Is Single and Has Taxable Income of $480,000 Without