Mr. Coleta was once a very successful businessman. However, in recent years, due to financial difficulties resulting from unfortunate business decisions, Mr. Coleta has been forced to sell a number of items. An A. Y. Jackson oil painting which he acquired for $140,000 is sold at auction for $180,000, with the auction house claiming a 20 percent commission on the sale price. An antique armoire that he acquired for $850 is sold privately for $1,300. No selling costs were involved. A vintage Chris Craft boat which he acquired several years ago for $85,000 is sold for $61,000 with no related selling costs. As a lifelong admirer of George Bernard Shaw, he had acquired a first edition of the play Pygmalion for $22,000. Since his purchase, the works of Shaw have become less popular and the sale of this manuscript nets Mr. Coleta only $4,200. An extensive stamp collection is sold for $16,000. The cost of all of the stamps totaled $12,500. No selling costs were involved. Mr. Coleta's purchased a vintage automobile from a friend several years ago. He purchased it for $60,000 (the estimated fair market value of the automobile at that time) and he sells it for $110,000, with no related selling costs.

REQUIRED Mr. Coleta has asked you to determine the minimum amount that would be included in his Net Income For Tax Purposes as a result of these dispositions. If an item he has sold has no impact on his Net Income For Tax Purposes, he would like you to tell him why. Indicate any amounts that are available for carry over to other years.