Question: Problem 3-51 (LO. 8) During 2016, Inez had the following transactions involving capital assets: Gain on the sale of unimproved land (held as an investment

Problem 3-51 (LO. 8) During 2016, Inez had 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

Overall, Inez has a long-term capital gain of $________ and a short-term capital gain of $_______ a. If Inez is in the 35% bracket, how much income tax results? $______ b. If Inez is in the 15% bracket, how much income tax results? $______

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