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Capital Gains Tax.

A tax on all money made by selling stocks, earning dividends, or interest from a bank account or bond that matures (except gov’t bonds). The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income, but the tax rate for individuals is lower on "long-term capital gains," which are gains on assets that had been held for over one year before being sold. To put it simply, the capital gains tax is a tax that U.S citizens pay on all the profit they make through stocks, dividends and interest from bank accounts.

Question: Jimmy made a fortune from auctioning off his dead grandfather's estate. Because Jimmy made this money from a personal sale, he doesn't have to pay any taxes. a) True b) False