Question

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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