Question
Corinne sells the following personal items in 2020: Necklace Corinne purchased the necklace for $1,400 a few years ago and due to the increase in
Corinne sells the following personal items in 2020: Necklace Corinne purchased the necklace for $1,400 a few years ago and due to the increase in value of gold and diamonds, she is able to sell it for $1,800 in 2020. Antique Leather Chair Corinne received the antique chair as a part of an inheritance from her grandmother. Her grandmother paid $800 for the chair many years ago and it's fair market value at the time it was left to Corinne was $1,100. Due to some damage to the chair over the years she has owned it, Corinne is only able to sell the chair for $700 in 2020. Oil Painting Corinne acquired the oil painting at a cost of $1,200 at an auction in 2015. She is able to sell it in 2020 for $900.
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 Leather Chair: ? $
Oil Painting: ? $
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