Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Peyton is to receive $1,600,000 in cash. The purchaser is to assume Peyton's mortgage of $950,000 on the property. To enable the purchaser to obtairn adequate financing, Peyton is to pay the $9,000 in points charged by the lender. The broker's commission on the sale is $75,000. What is Peyton's amount realized? The amount realized by Peyton is On August 31, 2017, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $292,000 was excluded under 121 . They purchased another personal residence in Charleston for $480,000 on September 1, 2017. However, in 2018, Harvey's employer transfers him to Houston, Texas. They sell their Charleston home on February 28, 2018, and purchase a new home in Houston. The realized gain on the second sale is $180,000. Harvey and Margaret's recognized gain on the second sale is Shen purchased corporate stock for $20,000 on April 10, 2016. On July 14, 2018, when the stock was worth $12,000, Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $14,200 on November 12, 2018 What is the amount and character of Mijo's gain or loss? long-term capital gain long-term capital loss short-term capital gain short-term capital loss