Question:
During the year Inez, had following transactions involving capital gains: Gain on the sale of unimproved land (purchased 2 years ago and used for 3 years) $3,000, 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) $4,000,Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction and used for recreational purposes) $1,000 A. If Inez is in the 35% bracket, how much income tax results? B.if Inez is in the 15% bracket and 2012 is the year when these sales occured?