Table 1.4 Use the Following Tax Rates and Income Brackets for 2012

question 66

Multiple Choice

Table 1.4
Use the following tax rates and income brackets for 2012 to answer the following question(s) .
-Danielle and Jonathan are in the 28% marginal tax bracket. They bought 200 shares of DJN stock at $35 per share and sold them 4 years later in 2012 at $12 per share? How much did their loss reduce their taxes in the year when they sold the stock?

• A) $0
• B) $450
• C) $840
• D) $1,288

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