Milt Payner purchased an automobile several years ago for $68,000 and has held it as a personal asset ever since. This year he sold the automobile. Assume the taxable year is 2021.

Required:

1. Compute Milts recognized gain or loss on the sale if Milts amount realized on sale was $60,800.
2. Compute Milts recognized gain or loss on the sale if Milts amount realized on sale was $84,000. The automobile was a classic Thunderbird and was purchased by a vintage car collector in Boston.

THIS IS A TAX CLASS