Question

Andy reported the following gains and losses from the sale of capital assets.
Loss on Pigeon Corporation stock (held 9 months) ......... ($14,000)
Gain on painting (held for 2 years as an investment) ......... 5,000
Gain on unimproved land (held for 3 years as an investment) .... 3,000
a. If Andy is in the 35% tax bracket, determine the Federal income tax consequences of these transactions.
b. What if Andy is in the 15% tax bracket?
c. What if Andy is a C corporation in the 35% tax bracket?


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  • CreatedMay 25, 2015
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