McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver

Exercise 47

Christopher sold 100 shares of Cisco stock for $5,500 in the current year.He purchased the shares several years ago for $2,200.Assuming his marginal ordinary income tax rate is 28 percent, and he has no other capital gains or losses, how much tax will he pay on this gain