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?