Problem 2: Capital Gain & Loss Netting Problem

Neal Gamby sells the following capital assets in the 2017:

A truck for $10,000 on June 1, 2017. He originally purchased it in 2015 for $12,000 and used it for personal purposes.

Shopkins collectables (held for investment) that his daughter told him were rare on September 15, 2017 for $1,000 (he has to pay $100 shipping costs to send the collectables to the buyer). Neal originally purchased the collectables for $5,000 on March 16, 2012.

A rental property for $120,000 (he has to pay $10,000 to a realtor as a sales commission) on June 12, 2017. He originally purchased the property for $100,000 on April 12, 2012. All of the gain is unrecaptured Sec. 1250 gain.

Coke stock for $5,000 on October 31, 2017 that he originally purchased on February 10, 2016 for $3,000.

Nike stock for $6,000 on April 15, 2017 that he originally purchased on January 1, 2017 for $10,000.

Calculate the capital gain or loss on each asset and complete the required capital gains netting process. After all netting how will Neal be taxed on the sale of the assets? He has no other sale of capital assets.

What if Neal also has a long term capital loss carryforward of $15,000? After all netting how will Neal be taxed on the sale of the assets? He has no other sale of capital assets.