Single Taxpayer Assignment
February 19th, 2020
Akira, a single taxpayer, purchased a famous painting for $96,000. Several years later, she sold it for $126,000. Akira's marginal tax rate is 35%. Akira's gain on the sale of the painting will be taxed at a rate of ___ 28% 32% 35% 37%
Aamir bought a local artist's painting for $3,200. Several years later, Aamir sold it for $4,600. The year Aamir sold the painting, he was in the 22% tax bracket. Aamir's gain on the picture was taxed at _____ 12% 22% 24% 28%
Explain, please!! .