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Joan Petros reported taxable income in 20X2 of $150,000, which included the following transactions:

(1) In June 20X2, Joan sold 100 shares of stock for $40 per share. She had purchased them three months earlier for $35 per share.

(2) In October 20X2, Joan sold 200 shares of stock for $79 per share. She had purchased them three years earlier for $61 per share.

If long-term capital gains are taxed at 15% and all ordinary income is taxed at 25%, what is Joan's tax liability for 20X2?

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  • Category:- Basic Finance
  • Reference No.:- M91723217

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