Business, 19.02.2020 03:22 maddihamidou

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

Indicate the tax treatment for each item.

Gain on the sale of unimproved land
Loss on the sale of a camper
Gain on the sale of ADM stock
Gain on the sale of a fishing boat and trailer
Overall, Inez has of $ and of $.

a. If Inez is in the 32% Federal income tax bracket, how much tax results?
$

b. What if Inez is in the 12% bracket, with $35,000 taxable income?
$

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During the year, Inez, a single individual, recorded the following transactions involving capital as...

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