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:

Nonverbal Messages

Communication that occurs through gestures, facial expressions, tone of voice, and other body language cues rather than words.

Audience-centered Approach

A communication strategy that focuses on understanding and addressing the needs, interests, and expectations of the intended audience.

Specific Attributes

Particular qualities, characteristics, or features that distinguish an object, individual, or concept from others.

Organizational Culture

The shared values, beliefs, and practices that shape the social and psychological environment of a business or institution.