Kendrick, whose tax rate is 32%, had the following results from transactions during the year:Collectibles gain$20,000Short-term capital loss4,000Long-term capital gain8,000After offsetting the STCL, what is (are) the resulting gain(s)?
A. $20,000 collectibles gain, $8,000 LTCG
B. $24,000 LTCG
C. $16,000 collectibles gain, $8,000 LTCG
D. $20,000 collectibles gain, $4,000 LTCG
Answer: C
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