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Tom Sold Mutual Fund Shares He Had Owned 3 Years

Question 37

Multiple Choice

Tom sold mutual fund shares he had owned 3 years so that he could use the proceeds to return to college.Tom is in the 15% marginal tax bracket and his capital gains from this sale were $11,000.How much tax would Tom owe on those gains?


A) $11,000
B) $ 3,080
C) $ 1,650
D) $ 1,100
E) $ 550

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