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 $13,000in itemized deductions.