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Amer sold two assets during 2014. The first was the sale of a stamp collection...

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Accounting

Amer sold two assets during 2014. The first was the sale of a stamp collection that resulted in a gain of $30,000. She had owned the stamp collection for 20years. The second was the sale of land that resulted in a gain of $20,000. She held the land for investment for 3 years. Amber had no other asset sales during2014, and her marginal tax rate is 35%. Her tax rate on LTCG is 15%. (a) Determine Ambers tax liability on the sale of the stamp collection (b) Determine her tax liability on the sale of the land.

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