Janice received jewelry as a gift from her friend, Al. Al's adjusted basis in the jewelry was $7,000 and the fair market value on the date of the gift was $9,000. Janice decided she did not like the jewelry (or Al) and sold it six months later for $10,000. What is her recognized gain or loss? a. $3,000 O b. $1,000 O c. $10,000 O d. $0 A restaurant owner's tables and chairs used in his business are not capital assets. Select one: O True O False In 2019, a taxpayer had a $12,000 net short term capital loss and deducted $3,000 as a capital loss deduction. In 2020, the taxpayer realized a $7,000 28% gain, and a $6,000 0%/15%/20% gain. Which of the following is correct for 2020? a. The taxpayer has a $7,000 28% gain and a $6,000 0%/15%/20% gain. O b. The taxpayer has a $7,000 28% gain and a $3,000 0%/15%/20% gain. O c. The taxpayer has a $4,000 28% gain and a $6,000 0%/15%/20% gain. O d. The taxpayer has a $7,000 28% gain, a $6,000 0%/15%/20% gain and a $3,000 short term loss. a A taxpayer realized $14,000 of net short-term capital loss in 2019. In 2020, the taxpayer had $17,000 of long-term capital loss and $26,000 of long-term capital gain. Which of the following statements is correct? a. The taxpayer has a $11,000 short term capital loss carryover to 2021. O b. The taxpayer had a $11,000 short term capital loss carryover to 2020. O c. The taxpayer reports a $9,000 capital gain in 2020. O d. The taxpayer can deduct a $4,000 capital loss in 2020