Question: During the year Olivia recorded the following transactions involving capital

During the year, Olivia recorded the following transactions involving capital assets.
Gain on the sale of unimproved land (held as an investment for 4 years)......$ 4,000
Loss on the sale of a camper (purchased 2 years ago and used for family
vacations) ......................................(5,000)
Loss on the sale of IBM stock (purchased 9 months ago as an investment)......(1,000)
Gain on the sale of a fishing boat and trailer (acquired 11 months ago at
an auction and used for recreational purposes)................2,000
a. If Olivia is in the 33% bracket, how much Federal income tax results?
b. If Olivia is in the 15% bracket, how much Federal income tax results?


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  • CreatedMay 25, 2015
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