1. a) An individual in the 28 percent federal income tax bracket and 15 percent long-term capital gains tax bracket bought and sold the following securities during the year:

	Cost Basis of Stock	Proceeds of Sale
ABC	$24,500	$28,600
DEF	35,400	31,000
GHI	31,000	36,000

What are the taxes owed on the short-term capital gains?

b) An individual in the 35 percent federal income tax bracket and 15 percent long-term capital gains tax bracket bought and sold the following securities during the year:

	Cost Basis of Stock	Proceeds of Sale
ABC	$34,600	$28,600
DEF	29,400	31,000
GHI	21,500	19,000

What are the taxes owed or saved as a result of these sales?

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