During the year chester had the following transactions

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Reference no: EM13604206

During the year, Chester had the following transactions involving capital assets:Gain on the sale of an arrowhead collection (acquired as an investment)

At different times but all pieces have been held for more than one

Year) $6,000
Loss on the sale of IBM Corporation stock (purchased 11 months ago as
An investment) (4,000)

Gain on the sale of a city lot (acquired 5 years ago as an investment) 2,000

Required:

a. If Chester is in the 33% bracket, how much income tax results?

b. If Chester is in the 15% bracket and 2011 is the year involved?

Reference no: EM13604206

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