PRACTICE PROBLEM 7.7: LISTED PERSONAL PROPERTY Choi Suganaki sold the following assets at a garage sale in the current year: Used clothing (a formal gown) purchased for $1,200 and sold for proceeds of $750; A used mountain bike originally purchased for $3,500 and sold for proceeds of $1,500; A gold pendant and chain with a cost of $800 was sold for proceeds of $500 A rare coin collection that originally cost $100 was sold for proceeds of $1,350; and A sculpture from a famous artist that originally cost $1,250 and was sold for proceeds of $950. Determine the tax consequences for Choi Suganaki as a result of the sales transactions from her garage sale