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What is the amount of Jack tax on these capital transactions

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Reference no: EM132704353

Problem - In October 2018, Jack, a single taxpayer, sold IBM stock for $12,000, which he purchased 4 years ago for $4,000. He also sold GM stock for $14,000, which cost $17,500 3 years ago, and he had a short-term capital loss of $1,800 on the sale of land. If Jack's other taxable income (salary) is $78,000, what is the amount of Jack's tax on these capital transactions?

Reference no: EM132704353

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