Ollie is single, 37 years old with a qualifying child (age 18).
Ollie has wages of $70,650 and sold the following assets during the year:
	Investment land for $10,000 proceeds was purchased by Ollie in 2010 for $5,000
	GE stock for $5,000 proceeds stock was purchased by Ollie in 2013 for $7,000
	Walmart stock for $8,000 stock was inherited from Ollie's father in 2020 when the FMV was $6,000.
				Ollie's father had paid $1,000 for the stock in 1998.
Calculate Ollie's 2020 tax liability assuming that he has $13,000 in itemized deductions. 7 points