What will Ben's taxable gain be for the painting he sold?

To determine Ben's taxable gain from the sale of the painting, it’s important to consider the capital gains tax rates that pertain to artwork and collectibles. If Ben held the painting for more than a year before selling it, any gain would typically be classified as a long-term capital gain.

For long-term capital gains in the United States, the tax rate can vary significantly based on an individual's income level. The more common long-term capital gains tax rates are 0%, 15%, and 20%.

In this scenario, if we consider the gain being classified within a particular income range where Ben falls, a 15% tax rate could apply if his total taxable income is within thresholds that correspond to this rate. This often includes middle-income earners who do not exceed the upper limits for this particular tax rate.

Thus, if Ben's taxable gain is determined to be 15%, it suggests that his total income and the nature of his gain fell neatly within the range applicable to this rate, making it the correct calculation for his taxable gain from selling the painting.

Understanding the landscape of capital gains taxation and how it applies to different income levels is crucial in assessing the correct liability for the sale of the asset.