Kirby Is in the 15% Tax Bracket and Had the Following

question 147

Multiple Choice

Kirby is in the 15% tax bracket and had the following capital asset transactions during 2015: Long-term gain from the sale of a coin collection $11,000 Long-term gain from the sale of a land investment 10,000 Short-term gain from the sale of a stock investment 2,000 Kirby's tax consequences from these gains are as follows:

• A)(5% × $10,000) + (15% × $13,000).
• B)(15% × $13,000) + (28% × $11,000).
• C)(0% × $10,000) + (15% × $13,000).
• D)(15% × $23,000).
• E)None of these.

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