Question during the year inez recorded the following, Ask an Expert

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During the year, Inez recorded the following transactions involving capital assets.

Gain on the sale of unimproved land (held as an investment for 3 years) Loss on the sale of a camper (purchased 2 years ago and used for family	$ 3,000
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

a. If Inez is in the 35% Federal income tax bracket, how much tax results?

b. If Inez is in the 15% bracket?

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Taxation, Accounting

Category:- Taxation
Reference No.:- M91954289

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