2. Imagine the thoughts of the Europeans as they first saw land in the "New World." What do you think would have been their most immediate impression? Explain your answer.

The first thoughts of the europeans when they saw the "new world" could have been curiousity but also the opportunity to gain.  

Explanation:

They were curious when they entered the new world, they got to know new spices and people [native americans], new and more resources. They saw many things that they could gain wealth with, for themself or their kings and queens. [ Spain and England for example]

the answer is: must pay taxes on profits

since it is considered as a part of your income, profits from investments is eligible for tax payment.

the tax from your investment could be influenced by how long you decided to sell it. united states promotes keeping your investment for long term period. so, the tax rate for investments that you sell in less than one year is typically higher compared to investments that you sell in more than one year period.

a case involving the laws of a single state.