In October of 2021, Mike sold a share of Berkshire-Hathaway for $433,000. He had acquired it several years ago at a cost
Posted: Wed Jul 06, 2022 6:26 am
In October of 2021, Mike sold a share of Berkshire-Hathaway for$433,000. He had acquired it several years ago at a cost of$391,000. He also sold Microsoft stock he had held for 3 years at again of $17,000. He had a short-term $2,000 loss on the sale ofstock of a start-up technology company. He has $85,000 in taxableincome before capital transactions are taken into account. AssumingMike is single with no dependents, what is the amount of Mike’s taxon the capital transactions?