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What is the effect of the sale of the land

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Reference no: EM132796027

Chelsea, who is single, purchases land for investment purposes in 2015 at a cost of $22,000. In 2020, she sells the land for $38,000. Chelsea's taxable income without considering the land sale is $100,000.

What is the effect of the sale of the land on her taxable income, and what is her tax liability?

Reference no: EM132796027

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