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A taxpayer buys several lots of Bitcoin for a combined total of $12,500 during TY2023. They convert half of the Bitcoin to Ethereum when the

A taxpayer buys several lots of Bitcoin for a combined total of $12,500 during TY2023. They convert half of the Bitcoin to Ethereum when the original lot of Bitcoin is worth $20,000. Later, Ethereum drops to half of its value and the taxpayer cashes out the Ethereum buy back into Bitcoin. 


What is the net taxable effect on the return for the year?

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