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Tom Sold Mutual Fund Shares, Which He Had Owned for 3

Question 54

Multiple Choice

Tom sold mutual fund shares, which he had owned for 3 years, so that he could use the proceeds to return to college. Tom is in the 12% marginal tax bracket, and his capital gain from the sale was $12,000. How much tax does Tom owe on the gain?


A) $12,000
B) $3,080
C) $1,440
D) $1,200
E) $0

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