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48. LO.8 During 2018, Inez (a single taxpayer) had the following transactions involving capital assets: Gain on the sale of unimproved land (held as an
48. LO.8 During 2018, Inez (a single taxpayer) had the following transactions involving capital assets: Gain on the sale of unimproved land (held as an investment for 3 years) Loss on the sale of a camper (purchased 2 years ago and used for family vacations) Gain on the sale of ADM stock (purchased 9 months ago as an investment) Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction $3,000 (5,000) 4,000 ,000 and used for recreational purposes) a. If Inez is in the 32% bracket, how much income tax results? b. If Inez is in the 12% bracket (and has taxable income of $35,000), how much income tax results
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