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Problem 3-48 (LO. 8) During 2022, Inez (a single taxpayer) had the following transactions involving capital assets: Gain on the sale of unimproved land
Problem 3-48 (LO. 8) During 2022, Inez (a single taxpayer) had the following transactions involving capital assets: Gain on the sale of unimproved land (held as an investment for 3 years) $6,000 Loss on the sale of a camper (purchased 2 years ago and used for family vacations) Gain on the sale of ADM stock (purchased 9 months ago as an investment) Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction and used for recreational purposes) (5,000) 2,450 1,000 a. Indicate the tax treatment for each item. Gain on the sale of unimproved land Loss on the sale of a camper Gain on the sale of ADM stock Gain on the sale of a fishing boat and trailer Overall, Inez has Long-term capital gain Not taxable Ordinary income Short-term capital gain and b. If Inez has taxable income (including the property transactions) of $188,450, what is the income tax regarding these transactions? Her marginal tax rate is 32%. If Inez has taxable income (including the property transactions) of $32,250, what is the income tax regarding these transactions? Her marginal tax rate is 12%.
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