Oliver had the following transactions in 2014 involving capital assets:
Gain on the sale of raw land purchased as an investment $5,000
Loss on the sale of a RV used for family vacations ($10,000)
Loss on the sale of Amazon stock (purchased on 8/1/2012) ($3,000)
Gain on the sale of a speedboat used for personal purposes $4,000
a. If Oliver is in the 33% tax bracket, what is his Federal income tax on these transactions?
b. If Oliver is in the 15% tax bracket, what is his Federal income tax on these transactions?