Elliott is single and in the 33% marginal tax bracket. He sold the following assets in 2018 and needs you to determine his 2018 tax liability from these transactions. Date Sold Basis Sales Price 23,500 07/21/2018 28,000 12/20/2018 05/06/2018 18,600 | 28,000 15.000 | 40,000 Asset Date Acquired Collectible 05/25/1995 Statue of Gator Gators Stock 06/09/2018 Collectible 01/01/1986 Statue of Bulldog Inventory 07/05/2016 Zips Stock 11/22/2017 | Personal 01/03/2009 Residence* Sale of apt in 04/23/2005 Akron Steelers Stock | 09/29/2015 Boat | 01/05/2016 Dawgs Stock 03/07/2002 12/21/2018 10/15/2018 08/05/2018 | | 5,000 10.000 150,000 7,000 11,500 375,000 03/02/2018 | 20,000** 24,800 09/17/2018 01/10/2018 11/20/2018 | 30.000 | 25,000 32,000 21,000 10.000 | 38,000 * Elliott has lived in the house from the time he purchased it until he sold it. **Original cost 30,000 SL depr taken 10,000 Adjusted Basis 20,000 Elliott is single and in the 33% marginal tax bracket. He sold the following assets in 2018 and needs you to determine his 2018 tax liability from these transactions. Date Sold Basis Sales Price 23,500 07/21/2018 28,000 12/20/2018 05/06/2018 18,600 | 28,000 15.000 | 40,000 Asset Date Acquired Collectible 05/25/1995 Statue of Gator Gators Stock 06/09/2018 Collectible 01/01/1986 Statue of Bulldog Inventory 07/05/2016 Zips Stock 11/22/2017 | Personal 01/03/2009 Residence* Sale of apt in 04/23/2005 Akron Steelers Stock | 09/29/2015 Boat | 01/05/2016 Dawgs Stock 03/07/2002 12/21/2018 10/15/2018 08/05/2018 | | 5,000 10.000 150,000 7,000 11,500 375,000 03/02/2018 | 20,000** 24,800 09/17/2018 01/10/2018 11/20/2018 | 30.000 | 25,000 32,000 21,000 10.000 | 38,000 * Elliott has lived in the house from the time he purchased it until he sold it. **Original cost 30,000 SL depr taken 10,000 Adjusted Basis 20,000