29 Jun B. If Mr. Quinn’s marginal tax r
Question
63. Frederick Tims, a single individual, sold the following investment assets in 2011.
If Frederick’s taxable income before considering the above sales is $100,000, compute his taxable income
and regular tax liability.
A. Taxable income $125,000; tax liability $32,470
B. Taxable income $100,000; tax liability $21,720
C. Taxable income $125,000; tax liability $25,367
D. Taxable income $125,000; tax liability $28,720
64. Tom Johnson, whose marginal tax rate on ordinary income is 35%, sold four investment assets resulting
in the following capital gains and losses.
How much of Tom’s net capital gain is taxed at 15%?
A. $42,800
B. $3,900
C. $2,700
D. $0
65. Mr. Quinn recognized a $900 net short-term capital gain and a $1,380 long-term capital gain this year.
Which of the following statements is false?
A.
If Mr. Quinn’s marginal tax rate on ordinary income is 15%, the tax liability on his capital gains is
$135.
B.
If Mr. Quinn’s marginal tax rate on ordinary income is 33%, the tax liability on his capital gains is
$504.
C. Only $1,380 of the capital gain is subject to a preferential tax rate.
D. None of the above is false.
66. Kate recognized a $25,700 net long-term capital gain and a $33,000 net short-term capital loss this year.
What is her current net tax cost or savings from her capital transactions if her marginal rate on ordinary
income is 28%?
A. $0
B. $840 net tax savings
C. $2,044 net tax savings
D. $3,015 net tax cost
67. Ms. Beal recognized a $42,400 net long-term capital gain and a $33,000 net short-term capital loss this
year. What is her current net tax cost from her capital transactions if her marginal rate on ordinary income
is 35%?
A. $6,360
B. $5,910
C. $1,410
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