17. an individual taxpayers sold the painting held for personal use for $50,000 the individual purchase the painting two years ago for 20,000. how should the sale be reported on the individual income tax return?

a) Ordinary income of 30,000

B) section 1231 gain of 30,000

C)long term capital gain of 30,000

D) ordinary income of 30,000 and section 1231 gain of 20,000

18. in June year 1 a taxpayer receives a gift of 100 shares of stock the donor had purchased a stocks 20-years ago for 40,000. The market value on the date of the gift was 3000 and the donor paid no gift tax. The taxpayer sold the stock in July of YEAR 1 for 4500.

What is the amount and character of the taxpayers gain or loss upon the sale of the stock?

A) 500 short term capital gain

B) 500 long term capital gain

C) 1500 short term capital gain

D) 1500 long term capital gain

19. an individual had the following in gain and losses for the years short-term 30000 long-term 18000 collectible gains 20,000 long term capital gain 15,000 what will be the net capital gain (loss) reported by the individual and at what applicable tax rate?

A) Short term ordinary loss 3000, long term gain 15,000 of 15%, section 1250 gain of 18000 at 25% and collectible gains of 20,000 at 28% rate

B) Section 1250 gain of 3000 at 25% and collectible gains of 20,000 at rate 28%

C) Section 1250 gain of 8000 at 25% and long

d) Long term gains of 23,000 at the 15% rate