Sybil purchased 500 shares of Qualified Small Business Stock (QSB)for $25,000 on March 2,2003.On November 29,2016,she sells the stock for $125,000.Sybil also sells 100 shares of stock she acquired two years ago realizing a gain of $20,000.Sybil has $100,000 of other income.Which of the following statements about the stock sale is/are true?
I.The tax paid on Sybil's two stock sales is $17,000.
II.The tax rate on the $20,000 gain is 15%.

Question

Sybil purchased 500 shares of Qualified Small Business Stock (QSB)for $25,000 on March 2,2003.On November 29,2016,she sells the stock for $125,000.Sybil also sells 100 shares of stock she acquired two years ago realizing a gain of $20,000.Sybil has $100,000 of other income.Which of the following statements about the stock sale is/are true?
I.The tax paid on Sybil's two stock sales is $17,000.
II.The tax rate on the $20,000 gain is 15%.
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Quizplus · Accepted Answer

The Answer of Sybil purchased 500 shares of Qualified Small Business Stock (QSB)for $25,000 on March 2,2003.On November 29,2016,she sells the stock for $125,000.Sybil also sells 100 shares of stock she acquired two years ago realizing a gain of $20,000.Sybil has $100,000 of other income.Which of the following statements about the stock sale is/are true?
I.The tax paid on Sybil's two stock sales is $17,000.
II.The tax rate on the $20,000 gain is 15%.
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Sybil Purchased 500 Shares of Qualified Small Business Stock (QSB)for