Kirby is in the 15% tax bracket and had the following capital asset transactions during 2014:
Long-term gain from the sale of a coin collection $11,000
Long-term gain from the sale of a land investment 10,000
Short-term gain from the sale of a stock investment 2,000
Kirby's tax consequences from these gains are as follows:
a. (5% × $10,000) + (15% × $13,000).
b. (15% × $13,000) + (28% × $11,000).
c. (0% × $10,000) + (15% × $13,000).
d. (15% × $23,000).
e. None of these.
Answer: C