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Determine the tax taxpayer will pay on the sale of artwork

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Reference no: EM132571686

Question 1 - Taxpayer's filing status is Head of Household and he claims the standard deduction. In 2019, Taxpayer earned salary of $167,850 and realized a gain of $20,000 on the sale of artwork held more than one year. Determine the tax Taxpayer will pay on the sale of the artwork.

a. $5,504

b. $5,600

c. $5,152

d. $3,000

Question 2 - Taxpayer wishing to use the Specific Identification method to determine basis of sold assets must elect the method no later than the filing date of the return on which the sale is reported.

a. True

b. False

Reference no: EM132571686

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