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How much tax will he pay on this gain

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Reference no: EM132251411

Question - Christopher sold 350 shares of Cisco stock for $27,650 in the current year. He purchased the shares several years ago for $16,450.

Assuming his ordinary income tax rate is 24 percent, and he has no other capital gains or losses, how much tax will he pay on this gain? (Use the dividends and capital gains tax rates and tax rate schedules.)

Reference no: EM132251411

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