Antonio Is Single and Has Taxable Income of $170,000 Without

question 1245

Multiple Choice

Antonio is single and has taxable income of $170,000 without considering the sale of a capital asset (land held for investment) in September of 2018 for $25,000. That asset was purchased six years earlier and has a tax basis of $5,000. The tax liability applicable to only the capital gain (without consideration of any additional Medicare tax) is

• A) $3,000.
• B) $3,750.
• C) $4,000.
• D) $6,400.

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