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What is the income tax regarding the transactions

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Reference no: EM132984028

During 2021, 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)(5,000)

Gain on the sale of ADM stock (purchased 9 months ago as an investment)2,450

Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction and used for recreational purposes)1,000

Problem 1: 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%.

Reference no: EM132984028

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