in 2001, mrs Quality, contributed $100,000 in exchange for 1,00 shares of little corporation, which is a qualified small business. This year, Mrs. Qualley's only capital transaction was the sale of 1,000 shares of Little qualified small business stock for $180,000. If Mrs. Qualley;s marginal rate on ordinary income is 37%, compute the income on her tax capital gain for this sale. A)6,000 B)22,400 C)11,200 D) none
in 2001, mrs Quality, contributed $100,000 in exchange for 1,00 shares of little corporation, which is a qualified small business. This year, Mrs. Qualley's only capital transaction was the sale of 1,000 shares of Little qualified small business stock for $180,000. If Mrs. Qualley;s marginal rate on ordinary income is 37%, compute the income on her tax capital gain for this sale. A)6,000 B)22,400 C)11,200 D) none
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 19MCQ: Jayne purchased General Motors stock 6 years ago for $20,000. In the current year, she sells the...
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![in 2001, mrs Quality, contributed $100,000 in
exchange for 1,00 shares of little corporation, which
is a qualified small business. This year, Mrs.
Qualley's only capital transaction was the sale of
1,000 shares of Little qualified small business stock
for $180,000. If Mrs. Qualley;s marginal rate on
ordinary income is 37%, compute the income on her
tax capital gain for this sale.
A)6,000
B)22,400
C)11,200
D) none](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb1955c78-61f7-4481-a2f9-80719c3f8b8c%2F0cf80dfc-0804-4df3-bbd7-170f65cb06d5%2F5yd526_processed.jpeg&w=3840&q=75)
Transcribed Image Text:in 2001, mrs Quality, contributed $100,000 in
exchange for 1,00 shares of little corporation, which
is a qualified small business. This year, Mrs.
Qualley's only capital transaction was the sale of
1,000 shares of Little qualified small business stock
for $180,000. If Mrs. Qualley;s marginal rate on
ordinary income is 37%, compute the income on her
tax capital gain for this sale.
A)6,000
B)22,400
C)11,200
D) none
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