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Social Security benefits Pension from her former employer Cash gifts from her grandchildren $13,670 10,800 12,000 Mrs. Small's pension was paid by a qualified defined-benefit plan. Compute Mrs. Small's AGI. 9. Milt Payner purchased an automobile several years ago for $40,000 and has held it as a personal asset ever since. This year he sold the automobile. Compute Milt's recognized gain or loss on the sale if: a. Milt's amount realized on sale was $28,300. b. Milt's amount realized on sale was $55,000. The automobile was a classic Thunderbird and was purchased by a vintage car collector in Boston. 10. Conrad Smith, a business executive, is an avid collector of vintage comic books. In February, he sold a 1938 Superman comic for $3,700 that he had purchased six years for $625 In December, Conrad sold a 1950 Donald Duck comic for $575 that