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Cleo sold the following assets in 2021: a bond that cost $3,000 was sold for $10,000; a vehicle that cost $8,000 was sold for
Cleo sold the following assets in 2021: a bond that cost $3,000 was sold for $10,000; a vehicle that cost $8,000 was sold for $5,000; a rare coin that cost $500 was sold for $1,500; a piece of artwork that cost $3,000 was sold for $1,000. Which of the following is correct? O a. Cleo will have a capital gain of $3,000 and an LPP capital loss carry-over of $1,000. O b. Cleo will have a capital gain of $7,000 and an LPP capital loss carry-over of $1,500. O c. Cleo will have a capital gain of $2,500 and an LPP capital loss carry-over of $1,500. O d. Cleo will have a capital gain of $4,000 and an LPP capital loss carry-over of $1,000.
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