Three years ago, I bought (a) 1,000 shares of AB company stock for $5 per share...

  

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Three years ago, I bought (a) 1,000 shares of AB company stock for $5 per share AND (b) 500 shares of ZZ stock for $8 per share. This year, I sold my 1,000 shares of AB for $12 per share. I also sold all 500 shares of ZZ stock for $7 per share. I am single and have taxable income of $100,000. According to the Internet reading Capital Gains, what is the dollar amount, if any, of my capital gains tax? (Show your work) Three years ago, I bought (a) 1,000 shares of AB company stock for $5 per share AND (b) 500 shares of ZZ stock for $8 per share. This year, I sold my 1,000 shares of AB for $12 per share. I also sold all 500 shares of ZZ stock for $7 per share. I am single and have taxable income of $100,000. According to the Internet reading Capital Gains, what is the dollar amount, if any, of my capital gains tax? (Show your work)

Answer rating: 100% (QA)

To calculate the capital gains tax we need to determine the capital gain or loss for each stock sale and then apply the appropriate tax rates For the ... View the full answer