Kirby Is in the 15% Tax Bracket and Had the Following

question 72

Short Answer

Kirby is in the 15% tax bracket and had the following capital asset transactions during 2014:
$\begin{array}{llr} \text { Long-term gain from the sale of a coin collection } &\$11,000\\ \text {Long-term gain from the sale of a land investment } &10,000\\ \text { Short-term gain from the sale of a stock investment } &2,000\end{array}$

Kirby's tax consequences from these gains are as follows:
A) $(5 \% \times \$ 10,000)+(15 \% \times \$ 13,000)$
B) $(15 \% \times \$ 13,000)+(28 \% \times \$ 11,000)$
C) $(0 \% \times \$ 10,000)+(15 \% \times \$ 13,000)$ .
D) $(15 \% \times \$ 23,000)$ .
E)None of the above

• A) \( (5 \% \times \$ 10,000)+(15 \% \times \$ 13,000) \)
• B) \( (15 \% \times \$ 13,000)+(28 \% \times \$ 11,000) \)
• C) \( (0 \% \times \$ 10,000)+(15 \% \times \$ 13,000) \).
• D) \( (15 \% \times \$ 23,000) \).
• E)None of the above