Assume you bought shares worth $7,000 and sold them 4 years later for $10,000. Calculate the amount

Fantastic news! We've Found the answer you've been seeking!

Question:

Assume you bought shares worth $7,000 and sold them 4 years later for $10,000. Calculate the amount of tax you would owe on your capital gains if your marginal tax rate (federal + provincial) is 42%.

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

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

See More Books

Posted Date: Apr 20, 2023 01:07 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
Steve Drake sells a rental house on January 1, 2012, and receives $130,000 cash and a note for $55,000 at 10 percent interest. The purchaser also assumes the mortgage on the property of $45,000....
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
A solid conducting cylinder of radius 0.1 m and mass of 4 kg rests on horizontal conducting rails (Figure). The rails, separated by a distance a?= 0.4 m, have a rough surface so the cylinder rolls...
The sun shines on a 1500 ft2 road surface so it is at 115 F. Below the 2 inch thick asphalt, average conductivity of 0.035 Btu/h ft F, is a layer of compacted rubbles at a temperature of 60 F. Find...
Choose a few different types of occupations (e.g., police officer; systems analyst; nurses aide; janitor). a) How would you assess the foreseeability of harm that attaches to each of these different...
Place the letter of each system principle in the blank next to its best description. A. Control principle D. Flexibility principle B. Relevance principle E. Cost-benefit principle C. Compatibility...
Au exothermic reaction, A 2B, takes place adiabatically in a stirred-tank system. This liquid phase reaction occurs at constant volume in a 100-gal reactor. The reaction can be considered to be...
Calculate the angle A in the following right- angled triangle, where a=53 2 m and b=5
Constructing a distribution of demand during reorder lead time is complicated if the lead time itself is variable. Consider the following distribution for a reorder point inventory system. a. What is...
What stages of the juvenile justice process are most important in generating disproportionate treatment of children of color? What is "cumulative disadvantage," and how does it increase DMC? What are...
Discuss the utilization of advanced hydrological modeling techniques, such as integrated watershed modeling and probabilistic rainfall analysis, in assessing the potential impacts of land development...
Angelou Corporation has debt worth $150,000, with a yield of 8%, and equity worth $350,000. It is growing at a 5% rate, and its tax rate is 25%. A similar firm with no debt has a cost of equity of...
Assume that you are borrowing from a payday loan vendor for $100 for a month and agree to pay back $105 at the end of the month. How much is the APR of the loan
When DSU increased men's basketball ticket price from 15 to 18, the sales of individual tickets dropped from 680 to 628 in the next game. (1) please calculate the price elasticity (PED) of the game....
Two friends tossing balls from the main floor of a theatre to the balcony. One person stands exactly 4.0 m above the other person, and both release and catch the balls at the same height above their...
Joey pays 15% in dividends and capital gain taxes and 25% in ordinary income taxes. In January, she purchased 1000 shares of a no-load mutual fund for $33.37 a share with the provision that all...
Consider model (9.18). What is the effect on the model parameter estimates, their standard errors, and the goodness-of-fit statistics when (a) The times at risk are doubled, but the numbers of deaths...
Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2012. The corporation also has $20,000 in dividends from publicly traded domestic...
Russell (age 50) and Linda (age 45) Long have brought you the following information regarding their income and expenses for the current year. Russell owns and operates a landscaping business called...
Ken paid the following amounts for interest during 2012: Qualified interest on home mortgage...........................................$4,700 Auto loan...
Ernest Petroleum began operations January 1, 2015. Transactions for the first three years include the data below. Using that data: a. Prepare journal entries assuming full cost (ignore revenue...
Data as of 12/31/15 for Dry Hole Oil Companys U.S. properties are as follows: (This problem is similar to problem 14 in chapter 6.) Dry Holes activities during 2016 were as follows: a. Use T-accounts...
Cowboy Oil Corporation began operations in 2016. Give the entries, assuming the following transactions in the first three years of operations. Calculate DD&A twice, once assuming no exclusions and...

Assume you bought shares worth $7,000 and sold them 4 years later for $10,000. Calculate the amount

Question:

Expert Answer:

To calculate the capital gains tax we need to determine the ... View the full answer

Income Tax Fundamentals 2013

Students also viewed these finance questions