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Kirby is in the 15% tax bracket and had the following capital asset transactions during 2010:
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) (15% ´ $23,000).
B) (15% ´ $13,000) + (28% ´ $11,000).
C) (5% ´ $10,000) + (15% ´ $13,000).
D) (0% ´ $10,000) + (15% ´ $13,000).
E) None of the above.
Determine Hassell's and Lawson's participation in the year's net income of $378,000 under each of the independent assumptions above.
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