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3. A certain farm business has the following values on its year-end tax return: Net Farm Profit (Schedule F)$60,000 $20,000 Personal deductions and exemptions $15,000

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3. A certain farm business has the following values on its year-end tax return: Net Farm Profit (Schedule F)$60,000 $20,000 Personal deductions and exemptions $15,000 $10,000 Capital Gains On how much income will they have to pay each of the following taxes? Ordinary income tax $ (Chapter 16) (596) - Capital gains tax $ (Chapter 16) (5%)

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