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QUESTION
During the year, Inez, a single individual, recorded the following transactions involving capital assets.
- During the year, Inez, a single individual, recorded the following transactions involving capital assets.
- Gain on the sale of unimproved land (held as an investment for 3 years)$ 3,000 Loss on the sale of a camper (purchased 2 years ago and used for family vacations)(5,000)Gain on the sale of ADM stock (purchased 9 months ago as an investment)4,000 Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction and used for recreational purposes)1,000
- If Inez is in the 32% Federal income tax bracket, how much tax results?
- What if Inez is in the 12% bracket, with $35,000 taxable income?
