19. LO.2 During the year, Eugene had the four property transactions summarized below. Eugene is a collector

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19. LO.2 During the year, Eugene had the four property transactions summarized below.

Eugene is a collector of antique glassware and occasionally sells a piece 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 Sales Price Antique vase 06/18/02 05/23/13 $37,000 $42,000 Blue Growth Fund

(100 shares) 12/23/04 11/22/13 22,000 38,000 Orange bonds 02/12/05 04/11/13 34,000 42,000*

Green stock

(100 shares) 02/14/13 11/23/13 11,000 13,000

* The sales price included $750 of accrued interest.

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South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts

ISBN: 9781285424484

37th Edition

Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young

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