Kyle, a single taxpayer in the 39.6% tax bracket engaged in the following disposition transactions during this tax year. You may assume the dispositions were made to unrelated parties unless told otherwise:

He sold Intel stock purchased 6 months ago for $175,000. Adjusted basis = $33,000

He sold Microsoft bonds purchased 2 years ago for $300,000. Adjusted basis = $325,000

He sold a building used in business for $3.5 million. His adjusted basis was $2 million. Accumulated Depreciation was $600,000. He purchased the asset in 2011.

He sold land used in business for $800,000. His adjusted basis was $400,000

He sold manufacturing equipment used in business for $280,000. His adjusted basis was $175,000. He originally purchased the equipment three years ago for $325,000

He sold an antique car for $1 million. He held the car for several years and his basis in it was $925,000.

He sold an heirloom painting that he inherited from his grandfather this year. His grandfathers basis in the painting was $25,000. On the date of his grandfathers death, the painting was worth $60,000. He sold it for $55,000 on 12/31.

He sold a piece of collectible furniture for $40,000. His grandfather gifted the furniture to Kyle at 5 years ago. At the time of the gift, the furniture was worth $20,000 and the grandfathers basis was $45,000.

He sold his shares of stock in his familys closely held corporation for $440,000. His basis in the stock was $30,000 and it was acquired many years ago. Kyle is an employee of the corporation.

He exchanged land held for business for another parcel of land to be held for investment. His basis in old land was $50,000 and he acquired it 8 months prior to the exchange. At the time of the exchange, his land was worth $250,000 and subject to a mortgage of $75,000. The other party assumed the mortgage.

Required: Determine the tax consequences (including character) of the transactions described above. I believe the best thing to do is to create a grid analyzing income categories (like those created in the lectures and homework) and provide a key to each transaction and explanations below the grid. If there are long-term capital gains, please specify the rate(s) for such gains. You may submit this work in Excel if you wish. Simple citation or labeling (e.g., 1231 or capital) will suffice. If something is vague or you feel an explanation is warranted, a simple discussion will suffice. Provide all your work on this problem in one document (do not provide numbers in Excel and explanations in Word).