Darren Davis completed the following property transactions during the year. Determine the proper gain or loss on each transaction arit insert it in the proper column. Finally determine how all of these would net on the income tax retum for the year. Note: Darren is an individual taxpayer who uses the equipment in his sole proprietorship business unless otherwise state. The tax year is 2020.) a) Drill Press - Davis operates a machine shop as a sole proprietorship. He bought a drill press in 2016 for $72,000, took $42,000 in depreciation and sold it in 2020 for $36,000 and a used car worth $7,000. b) Kmart stock - Davis bought Kmart stock in 2018 and paid \$48,000. He sold the stock in 2020 for $3,000. c) Boat - Davis has a personal boat which is not used in his business. He purchased the boat for $27,000 in 2018 and found it was too much trouble to maintain. He sold it in 2020 for $30,000. d) Boring Machine - Another piece of equipment used in Davis's machine shop is a boring machine which he bought in 2017 for a very favorable price of $26,000. He has taken $22,000 of depreciation on it and has sold it for $32,000. e) Antique Desk - Davis bought an antique desk at an estate sale in 2015 for $5,000. He has not used is in his business but kept it in his home. It is a personal use asset. Last month he was contacted by an antique dealer who paid him $4,000 for it. f) Truck - Davis uses a truck in his business acquired in 2016 for $33,000 and has taken $15,000 in depreciation. He sold the truck to his neighbor for $13,000. g) Bank of America Stock - Davis has not done well with his Bank of America Stock. He bought it in 2016 for $29,000 and sold it in 2020 for $25,000. b) Investment Land - Davis bought a piece of land as an investment property for $64,000 in 2001. This year a woman approached him with a deal he accepted. He received her land across town with a value of $91,000 and $13,000 cash boot. This qualifies as a like kind exchange. i) Van - Davis has a delivery van which he decided he no longer needs in his business. He bought the van in 2016 for $24,000, has taken $9,000 of deprecation and sold it in 2020 for $2,000 and a rifle worth $4,000. j) Lathe - Davis also sold for $9,000 a computer-controlled lathe used in his machine shop business. He purchased it in 2015 for $28,000 and has taken $16,000 in deprecation on it. 1 Instructions: Work out the answer to each of the 10 problems below