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Conrad Smith, a business executive, is an avid collector of vintage comic books. In February, he sold a 1938 Superman comic for $3,700 that he
Conrad Smith, a business executive, is an avid collector of vintage comic books. In February, he sold a 1938 Superman comic for $3,700 that he had purchased six years ago for $625. In December, Conrad sold a 1950 Donald Duck comic for $575 that he had purchased two years ago for $900. Required: What is the effect of these two sales on Conrad's AGI? Assume that Conrad collects the comic books primarily for fun rather than for profit and the taxable year is 2021. Conrad's AGI increases by decreases by no effect on AGI
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