Richard Sold $20,000 Worth of Stocks That Were Purchased One

question 71

Multiple Choice

Richard sold $20,000 worth of stocks that were purchased one year ago for $18,000.He is in a 22% tax bracket.Jack's capital gains taxes are:

• A)$220.
• B)$440.
• C)$2,000.
• D)$110.
• E)there is no tax on capital gains.

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Definitions:

Patrilineal Societies

Societies in which inheritance, descent, and lineage are traced through the father's line.

Polygyny

A form of marriage in which a man is married to more than one wife simultaneously, a practice found in various cultures worldwide.

Bridewealth

A cultural practice where the groom (or his family) transfers goods, money, or property to the bride’s family as part of marriage transactions.

Dissolved

The process by which a solid, liquid, or gas forms a solution in a solvent.