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During the year Inez, had following transactions involving capital gains: Gain on the sale of unimproved land (purchased 2 years ago and used for 3 years $3,000, Loss on the sale of a camper, 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 $1,000 A. If Inez is in the 35% bracket, how much income tax results? B.if Inez is in the 15% bracket and 2012 is the year when these sales occured?

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Category:- Accounting Basics
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