How much tax will he be required to pay on this transaction

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Reference no: EM131073396

Caffrey obtained an antique 12 years ago for $3,000,000. He recently sold it to a private collector for $17,000,000. Assuming that his personal income tax rate is 35% and the capital gains tax rate is 20%, how much tax will he be required to pay on this transaction?

Reference no: EM131073396

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