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Sheena Maskell Sheena Maskell
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7 years ago
Kendrick, who has a 35% marginal tax rate, had the following results from transactions during the year:

Collectibles gain   $20,000
Short-term capital loss   4,000
Long-term capital gain   8,000

After offsetting the STCL, what is (are) the resulting gain(s)?
A) $16,000 collectibles gain, $8,000 LTCG.
B) $20,000 collectibles gain, $4,000 LTCG.
C) $24,000 LTCG.
D) $20,000 collectibles gain, $8,000 LTCG.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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MsLippyMsLippy
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7 years ago
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Sheena M. Author
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#2
7 years ago
Really helped
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