K Is a Single, Calendar Year, Individual Taxpayer

question 41

Multiple Choice

K is a single, calendar year, individual taxpayer.A net long-term (15 percent) capital gain of $10,000 is included in K's taxable income.The 2011 tax schedules for single taxpayers are as follows: Which of the following is not true regarding the taxation of K's federal gross income tax for 2011?

• A)If K's taxable income is $70,000, all of the net capital gain is taxed at 15 percent.
• B)If K's taxable income is $20,000, all of the net capital gain is taxed at 0 percent.
• C)If K's taxable income is $40,000, the net capital gain is taxed at the same rate as it would have been had it been ordinary income.
• D)If K's taxable income is $37,000, the net capital gain is taxed partly at 15 percent and partly at 0 percent.

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Definitions:

Recessive Genetic Disease

A disease caused by mutations in both copies of a gene pair in an individual; inheriting only one mutated gene typically results in being a carrier without showing disease symptoms.

Chromosomes 21

One of the 23 pairs of chromosomes in humans; an abnormality in the number of chromosome 21 leads to Down syndrome.

Genetic Disorder

A disease or condition caused by an abnormality in an individual's DNA, ranging from small mutations to large chromosomal changes.

Codominance

A genetic scenario where two alleles of a gene pair in a heterozygote are fully expressed, resulting in offspring with a phenotype that is neither dominant nor recessive.