During 2019, Jackson, a Single Taxpayer, Had the Following Capital

Essay

During 2019, Jackson, a single taxpayer, had the following capital gains and losses: $\begin{array}{lr}\text { Gain from the sale of coin collection (held three years) } & \$ 12,000 \\\text { Gain from the sale of land held as an investment for six years } & 9,000 \\\text { Gain from the sale of stock held as an investment (held for } 10 \text { months) } & 3,000\end{array}$
a. How much is Jackson's tax liability if his taxable income is $32,000 and he is in the 12% tax bracket?
b. How much is his tax liability if his taxable income is $171,000 and his tax bracket is 32% (not
12%)?