27. A taxpayer had a W-2 of 104,00 stock sales l/t 5,000 qualified dividends of $35,000 the sale of a Mickey Rooney baseball card at $8,000 interest income of $3,500 interest income of $3,500 AGI is $124,800 with standard deductions of $24,800 taxable income is $100,000 is this statement correct. A. The sale of the collectible Mickey Rooney baseball card which was held for 30 years will be subject to a 28% tax rate are their ordinary tax rate whatever is less. B. The W2 and the interest income will be taxed at the ordinary income rates.

27. A taxpayer had a W-2 of 104,00 stock sales l/t 5,000 qualified dividends of $35,000 the sale of a Mickey Rooney baseball card at $8,000 interest income of $3,500 interest income of $3,500 AGI is $124,800 with standard deductions of $24,800 taxable income is $100,000 is this statement correct. A. The sale of the collectible Mickey Rooney baseball card which was held for 30 years will be subject to a 28% tax rate are their ordinary tax rate whatever is less. B. The W2 and the interest income will be taxed at the ordinary income rates.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter19: Corporations: Distributions Not In Complete Liquidation

Section: Chapter Questions

Problem 35P

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