Sachi is single and has taxable income of $33,000 without considering the sale of a capital asset in November of 2021 for $20,000. 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. $2,250. c. $3,000. d. $1,140.

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
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  1. Sachi is single and has taxable income of $33,000 without considering the sale of a capital asset in November of 2021 for $20,000. 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.

    $2,250.

      c.

    $3,000.

      d.

    $1,140.

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