Chelsea, who is single, purchases land for investment purposes in 2013 at a cost of $22,000. In 2018, she sells the land for $38,000. Chelsea's taxable income without considering the land sale is $100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability? Refer to the tax rate schedule for calculations. Round all calculations to two decimal places. Assume a long-term capital gains tax rate of 15%. The effect of the sale of land is that it increases her taxable income by the amount of the capital gain .Her taxable income is s 116,000and her tax liability is s 21,071 Check My Work Capital asset-Any asset that is not a receivable, inventory, real or depreciable property used in a trade or business, and certain intangible assets, such as copyrights. Common capital assets of individuals include stocks, bonds, and personal use assets. 2018 INDIVIDUAL TAX RATE SCHEDULES Table B-1 Single Taxpayers If Taxable Income Is Over But Not Over of the Amount Over The Tax Is 9,525 38,700 82,500 57,500 200,000 500,000 1096 $ 952.50+12% 4,453.50 22% 14,089.50 + 24% 32,089.50 + 32% 45,689.50 + 35% 150,689.50 + 37% 9,525 38,700 82,500 157,500 200,000 500,000 9,525 38,700 82,500 57,500 200,000 500,000 2018 CORPORATE TAX RATE SCHEDULE Table B-9 All corporate taxable income is taxed at a flat 21% rate