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Chelsea, who is single, purchases land for investment purposes in 2015 at a cost of...

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Accounting

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Chelsea, who is single, purchases land for investment purposes in 2015 at a cost of $20,600. In 2020 , she sells the land for $38,500. Chelsea's taxable income without considering the land sale is $108,000. What is the effect of the sale of the land on her taxable income, and what is her tax liab? Refer to the tax rate schedule for calculations. Round all calculations to two decimal places. Assume a long-term capital gains tax rate of 15%. The effect of the sale of land is that i her taxable income by the amount of the Her taxable income is $ and her tax liability is $ Chelsea, who is single, purchases land for investment purposes in 2015 at a cost of $20,600. In 2020 , she sells the land for $38,500. Chelsea's taxable income without considering the land sale is $108,000. What is the effect of the sale of the land on her taxable income, and what is her tax liab? Refer to the tax rate schedule for calculations. Round all calculations to two decimal places. Assume a long-term capital gains tax rate of 15%. The effect of the sale of land is that it her tax liability is $ cable income is $

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