Question
During the year, Inez, a single individual, recorded the following transactions involving capital assets. Gain on...
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 1,000
and used for recreational purposes)
- If Inez has taxable income of $158,000, how much income tax results?
- If Inez has taxable income of $35,000, how much income tax results?
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