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 b.  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%. $fill in the blank 664d77f9107603f_1 If Inez has taxable income (including the property transactions) of $32,250, what is the income tax regarding these transactions? Her marginal tax rate is 12%. $fill in the blank 664d77f9107603f_2

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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

b.  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%.
$fill in the blank 664d77f9107603f_1

If Inez has taxable income (including the property transactions) of $32,250, what is the income tax regarding these transactions? Her marginal tax rate is 12%.
$fill in the blank 664d77f9107603f_2

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