Stephen is in a 10% marginal tax bracket. In 2018, he sold stock that he had...
Stephen is in a 10% marginal tax bracket. In 2018, he sold stock that he had held for nine months for a gain of $1900.
How much tax must he pay on this capital gain? How much would the tax be if he had held the stock for 13 months?
The amount of tax he must pay on this capital gain is ?
f he had held the stock for 13 months the tax would be ?
Homework Answers
Tax rate = 10%
a. Capital gain of $1,900
Tax liability = 1,900 x 10% = $190
b.
The capital gain will be taxed in the fiscal year that the stocks are sold, no matter how long stocks had been held until the sold date. Therefore, if he had held the stock for 13 months, but the settlement date occurs in 2018, the tax liability is still $190.
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