Calculating taxes on capital gains

Reference no: EM131834627

Question: Calculating taxes on capital gains takes a little work, but if you buy and sell stocks, bonds, works of art, or homes, you'll probably have to do this at some point. Let's practice. In a few of the following cases, the price will fall-just record that as a negative rise (a "capital loss," in tax jargon). (In some cases, you can use these to offset taxes on capital gain but we won't get into that detail here.)

a. Fill in the table.

b. One nice thing about the capital gains tax is that you can choose what year to pay it by choosing what year to sell your investment. If you wanted to sell your single share of Berkshire stock and your Picasso in the same year, how much tax would you pay?

Reference no: EM131834627

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