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Samuel Jenkins made two investments; the first was 13 months ago and the second was two months ago. He just sold both investments and has a capital gain of $11,000 on each. If Samuel is single and has taxable income of $40,000, what will be the amount of capital gains tax on each investment?

Respuesta :

TomShelby

Answer:

short: 11,000 -->  1,320 income tax

long:  11,000 --> zero tax income

Explanation:

The capital gains are clasiffied as long.term gain once they were held for period of time of more than a year during the current holder.

Thus, the 13 month ago investment will be considered long term

while the other short term

the rate for short term is 12% at Samuel income bracket

while the long.term capital gain will not be taxed,

short term:

11,000 x 12% = 1.320‬

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