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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%.
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