Question
April sold several properties and made several withdrawals as follow in 2019: Sale of inherited stock (fair market value when inherited on June 22, 2011,
April sold several properties and made several withdrawals as follow in 2019:
Sale of inherited stock (fair market value when inherited on June 22,
2011, $4,000; decedents basis = $390) was sold on June 14 for $ 3,800
Withdrawal from traditional retirement account on June 15 6,000
Withdrawal from Roth retirement account on June 16 4,000
Loan from mortgage company on June 19 (inherited home
pledged as security) to purchase 2020 BMW on June 19 40,000
Sale of classic automobile received as a gift on June 22, 12016 (fair
market value on June 22, 2016, $42,000; donors basis = $5,200),
sold on June 22 for 37,500
What is the tax effect (income, gain, deduction or loss recognized and character, including holding period when appropriate) of each of these transactions?
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