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Sanjay Is Single and Has Taxable Income of $13,000 Without

Question 1

Multiple Choice

Sanjay is single and has taxable income of $13,000 without considering the sale of a capital asset in November of 2015 for $15,000.That asset was purchased six years earlier and has a tax basis of $5,000.The tax liability applicable to only the capital gain is


A) $0.
B) $500.
C) $1,000.
D) $1,500.

Correct Answer:

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