Respuesta :
Answer: 28% capital gains rate and $1960 owed.
Explanation:
First, we have to calculate the realised gain on the sale of the painting. This will be:
= $12000 - $5000 = $7000
We should also note that as per IRS, the maximum capital gain rate on collectible is 28%. Therefore, the tax that may be owed will be:
= 28% × $7000
= 28/100 × $7000
= .28 × $7000
= $1960
Therefore, the maximum capital gains rate is 28% and the maximum amount she may owe is $1960.
The maximum capital gains rate and maximum amount she may owe is 28% capital gains rate and $1960 owed.
- The calculation is as follows:
The realised gain on the sale of the painting.
= $12000 - $5000
= $7000
As per IRS, the maximum capital gain rate on collectible is 28%.
Therefore, the tax that may be owed will be:
= 28% × $7000
= .28 × $7000
= $1960
Learn more: brainly.com/question/16911495
