You sell your 8,070 shares of IBM stock today (October 3rd) for $153.31 per-share. You had purchased these shares a few months ago for $103.40 per-share. How much tax will you owe on this sale given your ordinary tax rate is 37% and your capital gains tax rate is 20%? You should assume you owned these stocks in an ordinary brokerage account

Answer rating: 100% (QA)

To calculate the tax owed on the sale of the IBM stock we need to determine the capital gain and app... View the full answer