Telicia, a single taxpayer, purchased a famous painting for $69,000. Several years later, she sold it for

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Telicia, a single taxpayer, purchased a famous painting for $69,000. Several years later, she sold it for $99,000. Telicia’s marginal tax rate is 33%. Telicia’s gain on the sale of the painting will be taxed at a rate of_______.

A. 28%

B. 25%

C. 20%

D. 15%

Related Book For answer-question

Income Tax Fundamentals 2015

ISBN: 9781305177772

33rd edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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Posted Date: Aug 02, 2019 10:26 AM

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Telicia, a single taxpayer, purchased a famous painting for $69,000. Several years later, she sold it for

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Expert Answer:

The correct answer is Option A 28 Long term Capital gains from selling c... View the full answer

Income Tax Fundamentals 2015

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