Determine Cecelia’s capital gain by subtracting $350,000 from $500,000.
multiplying her capital gain by 0.15.
How much tax did Cecelia owe?
Please simplify. Thanks.
Cecelia is an avid art collector who owns many original works of art. Recently, she decided to sell an oil painting by Norman Rockwell. The buyer paid $500,000 for the painting. Since Cecelia had paid just $350,000 for the painting, she made a profit, or capital gain, on the sale. Determine Cecelia’s capital gain by subtracting $350,000 from $500,000. If the capital gain tax is 15 percent, you would calculate the tax bill by multiplying her capital gain by 0.15. How much tax did Cecelia owe?
2 answers
Nevermind I have it, it's $22,500.00