Sanjay Is Single and Has Taxable Income of $23,000 Without

question 109

Multiple Choice

Sanjay is single and has taxable income of $23,000 without considering the sale of a capital asset in November of 2019 for $15,000.That asset was purchased six years earlier and has a tax basis of $5,000.The tax liability applicable to only the capital gain is

• A)$0.
• B)$500.
• C)$1,200.
• D)$1,500.

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Definitions:

Marston Moor

A decisive battle of the English Civil War fought on 2 July 1644, where the Parliamentarians defeated the Royalists, greatly influencing the war's outcome.

Northern England

A geographical region of England, marked by its distinct cultural, historical, and economic identities, and typically considered to include areas such as Yorkshire, the North East, and the North West.

Test Act

Legislation passed in 1673 in England, requiring all civil and military officials to profess the Protestant faith, effectively excluding Catholics from office.

Civil Offices

Positions within a government's administrative framework, excluding military or judicial roles, typically filled by civil servants.