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Padraig is a financial advisor. He earned a salary of \( \$ 80,000 \) last year and sold stocks for \( \$ 5,000 \). Which of the following types of income did Padraig have? I earned income II passive income III capital gains income a. I and II b. I and III c. II and III d. III

Ask by Lane Rojas. in the United States
Mar 11,2025

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Padraig had earned income and capital gains income. So, the answer is **I and III**.

Solution

Padraig received a salary of \( \$80{,}000 \), which is considered earned income. Additionally, when he sold stocks for \( \$5{,}000 \), the profit from this sale is classified as capital gains income. Therefore, he had: - \( I \) earned income from his salary. - \( III \) capital gains income from the sale of stocks. The correct answer is **I and III**.

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Padraig's salary of \( \$ 80,000 \) is considered earned income, as it is the payment for his labor as a financial advisor. The \( \$ 5,000 \) earned from selling stocks can be classified as capital gains income if the stocks were sold for more than their purchase price. So, he has both earned income and capital gains income. The correct answer is b. I and III.

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