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Business, 01.03.2021 19:10 raweber

During 2020, Inez (a single taxpayer) had the following transactions involving capital assets: Gain on the sale of unimproved land (held as an investment for 3 years) $6,000 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) 2,450 Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction and used for recreational purposes) 1,000 a. Indicate the tax treatment for each item. Gain on the sale of unimproved land Long-term capital gain Loss on the sale of a camper Not deductible Gain on the sale of ADM stock Long-term capital gain Gain on the sale of a fishing boat and trailer Not taxable Overall, Inez has a long-term capital loss of $fill in the blank 2d8bca038fd007f_6 and ordinary income of $fill in the blank 2d8bca038fd007f_8 . b. If Inez has taxable income (including the property transactions) of $188,450, what is the income tax regarding these transactions

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During 2020, Inez (a single taxpayer) had the following transactions involving capital assets: Gain...
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