Carl received an old horse from his grandpa as a gift. The horse was worth $2,000 at the time of the gift and his grandpa had paid $10,000 for the horse a few years earlier. Carl doesn’t want the horse, so he sells it to someone for $1,000. What is Carl’s gain/loss?

Carl received an old horse from his grandpa as a gift. The horse was worth $2,000 at the time of the gift and his grandpa had paid $10,000 for the horse a few years earlier. Carl doesn’t want the horse, so he takes care of it and returns it to proper health. Carl sells the horse to someone for $12,000. What is Carl’s gain/loss?

Carl received an old horse from his grandpa as a gift. The horse was worth $2,000 at the time of the gift and his grandpa had paid $10,000 for the horse a few years earlier. Carl doesn’t want the horse, so he sells it to someone for $5,000. What is Carl’s gain/loss?