Ali is in the 35% tax bracket. He acquired 1,000 shares of stock in Cardinal Corporation seven years ago for $100 a share. In the current year, Cardinal Corporation (E & P of $1 million) redeems all of his shares for $300,000. What are the tax consequences to Ali if:

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The Answer of Ali is in the 35% tax bracket. He acquired 1,000 shares of stock in Cardinal Corporation seven years ago for $100 a share. In the current year, Cardinal Corporation (E & P of $1 million) redeems all of his shares for $300,000. What are the tax consequences to Ali if:

Ali Is in the 35% Tax Bracket