Chelsea, who is single, purchases land for investment purposes in 2013 at a 104,900. What is the effect of the sale of the land on her taxable income, and what is her tax liabilay? 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%. at a cost of S20.100. In 2018, she seis the land for S36.700. Chelsea's taxable incame hout comidermgthe land sale and her tax lability is The effect of the sale of land is that it increases-her taxable income by the an ount of th, capital gain-. Her taxable income Capital asset Any asset that is not a receivable, inventory, real or depreciable property used in a trade or business, and ce-tain intangible assets, such as copyrights. Common capital assets of individuals include stocks, bonds, and personal use assets