What is his federal income tax on these transactions

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Reference no: EM13863474

Oliver had the following transactions in 2014 involving capital assets:

Gain on the sale of raw land purchased as an investment $5,000

Loss on the sale of a RV used for family vacations ($10,000)

Loss on the sale of Amazon stock (purchased on 8/1/2012) ($3,000)

Gain on the sale of a speedboat used for personal purposes $4,000

a. If Oliver is in the 33% tax bracket, what is his Federal income tax on these transactions?

b. If Oliver is in the 15% tax bracket, what is his Federal income tax on these transactions?

Reference no: EM13863474

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