LO.2, 4 Gail purchased a toy bank for $15 at a yard sale in May. She is not in the business of buying and selling anything. She researched the toy on the Internet and discovered that it was worth $2,000. She sold it on an Internet auction site for $1,800 in July.

Was the toy bank a capital asset? What were the amount and nature of the gain or loss from its sale by Gail?