Part 2
The following transactions and events occurred during the current year for Alex Broom. Beside each item describe
the treatment and then complete the required.
				Gain/Loss		Description tax treatment of gain or loss
	Theft loss on gun collection owned 15 years; Basis $765			-$765
	Casualty gain on accident involving personal auto held 18 months			$965
	Gain on sale of depreciable personalty held two years
	(Depreciation allowed = $1,200; Cost = $2,400)			$800
	Loss on sale of depreciable asset held four years
	(Cost = $10,000; Basis = $8,000)			-$2,000
	Gain on sale of depreciable building held three years (Cost = $15,000;
	Depreciation = $6,000; Straight-line = $4,000)			$5,000
	Gain on sale of land held three years (Cost = $10,000)			$3,000
	Loss on sale of common stock held for 16 months (Basis = $4,200)			-$1,200