P4 Given below are JB, Ine's capital gains and losses for three consecutive years. What is the effect (what is his gain or loss) of the capital gains and losses on JB, Inc's taxable income for each year? Short-term capital gain Long-term capital gain Short-term capital loss Long-term capital loss First Year $10,000 11,000 19,000) (15,000) Second Year $-0- 10,000 12.000) (7,000) ANSWER: First Year Second Year PS Your Grandmother has two assets today: a car and 10 shares of Amazon stock. Her basis in the car is $20,000. Her bais in the stock is: $100 a share. The car is worth $7,000 today. The stock is worth $3,300 a share today A: she gives you both assets and you sell them today. What is your gain or loss and what is the type character of the gain/ loss? B: She passes away (dies) today and you get the two assets from her estate. You sell the assets today. What is your gain or loss and what is the type/ character of the gain/loss