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Calculate amount and type of gain for sales of antique cars

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During the year, Eric had the four property transactions summarized below. Eric is a collector of antique automobiles and occasionally sells one to get funds to buy another. What are the amount and nature of the gain or loss from each of these transactions?

Property Date Acquired Date Sold Adjusted Basis Sale Price
Antique 06/18/98 05/23/07 57,000 45,000
Truck

Blue 12/23/00 11/22/04 22,000 33,000
Growth Fund
100 shares

Orange 02/12/01 04/11/07 34,000 42,000
bonds

Green 02/14/07 11/23/07 13,000 11,000
Stock
100 shares

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Solution Preview

Antique
Sale: 57000 - 45000 = 12000
Long term gain
Collectible rate of 28%

Blue
Sale: 22000 - 33000 = ...

Solution Summary

The solution calculates the gain for each stating the type of gain and the tax rate which will apply.

\$2.49