During 2016,Jackson had the following capital gains and losses:
Gain from the sale of coin collection (held three years)
$12,000
Gain from the sale of land held as an investment for six years
9,000
Gain from the sale of stock held as an investment (held for 10 months)
3,000

a.How much is Jackson's tax liability if he is in the 15% tax bracket?
b.If his tax bracket is 33% (not 15%)?

Question

During 2016,Jackson had the following capital gains and losses:
Gain from the sale of coin collection (held three years)
$12,000
Gain from the sale of land held as an investment for six years
9,000
Gain from the sale of stock held as an investment (held for 10 months)
3,000
​
a.How much is Jackson's tax liability if he is in the 15% tax bracket?
b.If his tax bracket is 33% (not 15%)?

Quizplus · Accepted Answer

The Answer of During 2016,Jackson had the following capital gains and losses:
Gain from the sale of coin collection (held three years)
$12,000
Gain from the sale of land held as an investment for six years
9,000
Gain from the sale of stock held as an investment (held for 10 months)
3,000
​
a.How much is Jackson's tax liability if he is in the 15% tax bracket?
b.If his tax bracket is 33% (not 15%)?

During 2016,Jackson Had the Following Capital Gains and Losses