Question
During the year, Alvin (a high-income taxpayer) had four property transactions summarized below. Alvin is a collector of antique (collectible) automobiles and occasionally sells one
During the year, Alvin (a high-income taxpayer) had four property transactions summarized below. Alvin is a collector of antique (collectible) automobiles and occasionally sells one to get funds to buy another automobile. What are the amount and character of the gain or loss from each of these transactions?
Property | Date Acquired | Date Sold | Sale Price | Adjusted Basis | Additional Information |
Antique Car | 8/08/03 | 6/28/17 | $ 40,000 | $ 52,000 |
|
Fidelity Growth Fund | 3/10/03 | 7/31/17 | $ 36,000 | $ 17,000 | (150 Shares) |
Butler Bonds | 05/18/07 | 8/28/17 | $ 51,000 | $ 42,000 |
(Includes $500 of accrued interest income) |
Blue Co. Stock | 03/15/17 | 12/24/17 | $ 8,000 | $ 14,000 | (150 shares) |
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