In October of the Current Year, Mike Sold a Share

question 44

Essay

In October of the current year, Mike sold a share of Berkshire-Hathaway for $73,000. He had acquired it several years ago at a cost of $42,000. He also sold Microsoft stock he had held for 3 years at a gain of $17,000. He had a short-term $2,000 loss on the sale of stock of a start-up technology company. He has $85,000 in taxable income before capital transactions are taken into account.
Assuming Mike is single with no dependents, what is the amount of Mike's tax on the capital transactions?

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Definitions:

Human Resources

A department within an organization focused on the management, support, and development of the organization's workforce, including hiring, training, benefits, and employee relations.

Task Accomplishment

The successful completion or achievement of assigned tasks or objectives.

First Step

The initial action or decision that begins the process of pursuing a goal or solving a problem.

Allocation

Involves the distribution of resources or tasks among various departments, projects, or individuals based on priorities and strategic goals.