1. George buys 5 antique pieces of furniture on January 3, 2020 for a total of $1,000,000. He has them apprised immediately after buying them. They are appraised for the following mounts: Dresser- $350,000 Antique bed - 200,000 Display chest - 170,000 Armoire - 330,000 End Tables-250,000 On January 23, 2020 he sells the armoire for $300,000, 30,000 less than its appraised value. What is his gain or loss for federal income tax purposes