Mr. I.N. Vestor is retired and is slowly selling some of his assets to supplement his retirement income. He wants to have some idea of how much tax he is going to owe for 2022 on the asset sales that have taken place to date. He has provided you with the following details of his sales.

He sold the following personal items during 2022:

Proceeds

Cost

Coat rack $ 2,500 $ 500 Coin collection 750 1,200 Stamp collection 1,100 100 2004 Ford Car 7,000 12,000

Required: Determine I.N. Vestors net income for tax purposes as a result of the above information. Show all of your calculations.