1 answer

Matt sold 200 shares of stock today for $34 a share. He purchased those shares three...

Question:

Matt sold 200 shares of stock today for $34 a share. He purchased those shares three years ago at a cost of $26 per share. His average tax rate is 22 percent, his marginal tax rate is 28 percent, and the capital gains tax is 15 percent. How much federal income tax does Matt owe on the sale of these shares?


Answers

Answer sale of shares by Matt will be treated as a Capital asset and capital gain tak is levied @ Isy calculation of federal

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