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Capital Gain Netting Process. Joe sold the following capital assets during 2018: Description Date Acquited Sales Price Date sold Adjusted Basis 100 shares XY corp.

Capital Gain Netting Process. Joe sold the following capital assets during 2018:

Description Date Acquited Sales Price Date sold Adjusted Basis
100 shares XY corp. 1/10/95 $14,000 1/12/18 $1,000
50 shares LM Inc 9/14/17 1,900 1/12/18 4,000
140 shares CH corp 11/20/17 3,400 4/10/18 3,000
Gold Necklace 4/22/03 5,000 6/30/18 1,300
Personal Auto 5/10/12 4,000 8/31/18 6,500

Explain the effects of the transactions above on Joe's taxable income and final taxable liability.

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