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Herbert, a collector of rare coins, bought a 1916 Spanish Bowlero for $2,000 in 1984. He sold the coin for $4,500 in January. Herbert retired
Herbert, a collector of rare coins, bought a 1916 Spanish Bowlero for $2,000 in 1984. He sold the coin for $4,500 in January. Herbert retired from his loading dock job in June and began actively buying and selling rare coins. By December, Herberts realized gain from such activities was $21,500. What type of taxable income was Januarys $2,500 gain?
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