MrQuinn Recognized a $900 Net Short-Term Capital Gain and a $1,380

question 12

Multiple Choice

Mr.Quinn recognized a $900 net short-term capital gain and a $1,380 long-term capital gain this year.Which of the following statements is false?

• A)If Mr.Quinn's marginal tax rate on ordinary income is 15%,the income tax on his capital gains is $135.
• B)If Mr.Quinn's marginal tax rate on ordinary income is 39.6%,the income tax on his capital gains is $632.
• C)Only $1,380 of the capital gain is subject to a preferential tax rate.
• D)None of the above is false.

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Definitions:

Mississippi State Courts

Mississippi State Courts are the judicial tribunals within the state of Mississippi, including various levels such as trial courts, appellate courts, and the Mississippi Supreme Court, responsible for adjudicating legal disputes.

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The legal process by which an individual or couple becomes the legal and permanent parent(s) of a child who is not biologically their own.

Subject-Matter Jurisdiction

The authority of a court to hear cases of a particular type or cases relating to a specific subject matter.

Sum in Controversy

The amount of money at stake in a lawsuit, important for determining the jurisdiction and the applicability of certain court rules.