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 an calculations to two decimal places. Assume a long-term capital gains tax rate of 15%. cost of $20.100. In 2018,she sells the land for $36.,700. Chesea's taxable income without conmidering the land sale and her tax ability is The effect of the sale of land is that it increases her taxable income by the smount of the capital gain Har taxable 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