15. Nina purchased a watch in 1993 for $5,000. Bill received the watch upon her death in 2020 when it was worth $4,000. Bill sold it the next month for $4,200. Bill recognizes a:

$800 capital loss $200 capital gain $1,000 capital loss No gain or loss

16. Kramer sells two personal use automobiles during 2020. He realizes a gain of $4,000 on the sale of of one auto and he realizes a $6,000 loss on the sale of the other auto. What amount of recognized gain or loss will be included in Kramer's 2020 taxable income as a result of the two sales?

$6,000 loss $2,000 loss $4,000 gain $0 None of the above

17.Kurt Kramer purchased stock five years ago for $12,000 which he gifted to Jim Jensen when its fair market value was $9,000. Subsequently, Jim sold the stock for $10,500. What is the amount of Jim's recognized loss on the sale?

18. Bob Bixby gifted his daughter Jane his personal residence with an adjusted basis to him of $260,000 and a fair market value of $250,000 at the time of the gift. Jane lived in the house for two years and then sold it for $240,000. As a result of the sale, what will Jane recognizeon her tax return as a result of her sale of the house?