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

question 23

Multiple Choice

Kirby is in the 15% tax bracket and had the following capital asset transactions during 2016:
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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Definitions:

Explicit Memory

A type of long-term memory involving the conscious recollection of information such as facts and events.

Sensorimotor Stage

The first stage in Piaget's theory of cognitive development, from birth to about age 2, where infants explore the world through their senses and motor activities.

Nativist Theory

The perspective that much of human knowledge, abilities, or traits are innate and genetically inherited rather than acquired through learning.

Learning Theory

A comprehensive set of principles and hypotheses that explain how individuals acquire, process, and retain information and skills.