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How much income tax results

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Reference no: EM132655005

Problem - 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 and used for recreational purposes)

1,000

Required -

a. If Inez has taxable income of $158,000, how much income tax results?

b. If Inez has taxable income of $35,000, how much income tax results?

Reference no: EM132655005

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