Dan sold a gold pocket watch for $12,000 that he had inherited from his Uncle John several
Fantastic news! We've Found the answer you've been seeking!
Question:
Dan sold a gold pocket watch for $12,000 that he had inherited from his Uncle John several years ago. John had originally purchased it for $2,000 and it had a $5,000 FMV at the time of his death. If Dan's AGI is $900,000, how will it be reported on his tax return?
a. $7,000 Capital Gain at 23.8%
b. $7,000 Capital Gain at 31.8%
c. $10,000 Capital Gain at 20%
d. $10,000 Capital Gain at 23.8%
Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
Posted Date: