Answered>Order 1436

  1. During the year, Inez, a single individual, recorded the following transactions involving capital assets.
  2. 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 
  3. If Inez is in the 32% Federal income tax bracket, how much tax results?
  4. What if Inez is in the 12% bracket, with $35,000 taxable income?
 
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