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What is the amount of mike tax on the capital transaction

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Question - In October of the current year, Mike sold a share of Berkshire-Hathaway for $73,000. He had acquired it several years ago at a cost of $42,000. He also sold Microsoft stock he had held for 3 years at a gain of $17,000. He had a short-term $2,000 loss of the sale of the stock of a start-up chemical company. He had $85,000 in taxable income before capital transactions are taken into account. If Mike is a single with no dependents, what is the amount of Mike's tax on the capital transaction?

Reference no: EM132812163

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