Chip,a single individual has two sales of stock during the current year.The first sale produces a short-term loss of $10,000 and the second sale results in a long-term gain of $40,000.Chip's taxable income without considering the gain is $150,000.Chip's stock transactions will increase his income tax liability by:
A)$3,200
B)$4,500
C)$6,000
D)$8,000
E)$8,400

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The Answer of Chip,a single individual has two sales of stock during the current year.The first sale produces a short-term loss of $10,000 and the second sale results in a long-term gain of $40,000.Chip's taxable income without considering the gain is $150,000.Chip's stock transactions will increase his income tax liability by:
A)$3,200
B)$4,500
C)$6,000
D)$8,000
E)$8,400

Chip,a Single Individual Has Two Sales of Stock During the Current