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Mike sold the following assets in 2018: Sales Price (SP) Cost Painting SP: $2,500 Cost: $ 800 Stamp collection SP: $600 Cost: $1,200 Outboard motor
Mike sold the following assets in 2018: Sales Price (SP) Cost Painting SP: $2,500 Cost: $ 800 Stamp collection SP: $600 Cost: $1,200 Outboard motor SP: $900 Cost: $100 Antique desk SP: $1,300 Cost: $1,950 Which one of the following amounts represents his capital gain, net of capital losses, for tax purposes in 2018? Select one: O a. $650 O b. $1,250 O c. $1,500 O d. $1,300
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