During the year, John, whose filing status is single, incurred the following transactions involving capital assets.

Gain on the sale of an arrowhead collection held for more than one year $ 8,000

Loss on the sale of IBM stock purchased 11 months ago (5,000)

Gain on the sale of land, acquired 5 years ago as an investment 2,000

Using good form, determine the tax liability for each of the following independent scenarios.

a. John is in the 32% tax bracket.

b. John is in the 12% tax bracket, and has taxable income of $35,000.

c. John is in the 24% tax bracket and also has the following capital gains and losses:

Collectibles LTCL = $(1,000)

Noncollectibles LTCL = $( 500)

STCG = $ 1,000