Telicia, a single taxpayer, purchased a famous painting for $69,000. Several years later, she sold it...

Question

Question

Telicia, a single taxpayer, purchased a famous painting for $69,000. Several years later, she sold it...

Telicia, a single taxpayer, purchased a famous painting for $69,000. Several years later, she sold it for $99,000. Telicia's marginal tax rate is 35%. Telicia's gain on the sale of the painting will be taxed at a rate of __________.

35%

28%

24%

12%

business accounting

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Answer 1

Answer #1

OPTION: 28%

EXPLANATION:

Telicia has realized a long term capital gain since the painting has been sold after several years. Long term capital gains arising from sale of collectibles such as arts are taxed at the rate of 28%

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Answer 2

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Telicia, a single taxpayer, purchased a famous painting for $69,000. Several years later, she sold it...

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