Homework Answers
The effect of the sale of the land is that it increases her taxable income by the amount of $12,900. Her taxable income is $112,600 and her tax liability is $20,037.
Explanation:
Capital Gain in sale of land = Selling price of land - Purchase price of land
= $35,200 - $22,300 i.e. $12,900
Therefore, taxable income will increase by $12,900.
Total taxable income = $99,700 + $12,900 i.e. $112,600
Computation of tax liability
Tax liability on capital gains = $12,900 * 15% i.e. $1,935
Tax liability on remaining taxable income of $99,700 = $14,382 + {24% of ($99,700 - $84,200)}
= $14,382 + (24% of $15,500)
= $14,382 + $3,720
= $18,102
Total Tax liability = $18,102 + $1,935
= $20,037
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