Question
Corinne sells the following personal items in 2020: Necklace Corinne purchased the necklace for $1,800 a few years ago and sells it for $1,650 in
Corinne sells the following personal items in 2020:
Necklace
Corinne purchased the necklace for $1,800 a few years ago and sells it for $1,650 in 2020.
Antique Desk
Corinne had an antique desk that she bought a number of years ago for $1,050. In 2020, she was able to sell the desk to an antique dealer for $1,300.
Rare Manuscript
Corinne sold a rare manuscript to a museum in 2020 for $1,300. She had acquired it many years ago for $800.
Assume Corrine has no other capital gains or losses in 2020.
Required:
Calculate any Taxable Capital Gain or Allowable Capital Loss (enter a 0 if none) that Corinne will include in her 2020 Net Income for Tax Purposes calculation with respect to the:
- Necklace: $
- Antique Desk: $
- Rare Manuscript: $
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