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Problem 8-14 (LO. 1) During the year, Eugene had the four property transactions summarized below. Eugene is a collector of antique glassware and occasionally sells
Problem 8-14 (LO. 1) During the year, Eugene had the four property transactions summarized below. Eugene is a collector of antique glassware and occasionally sells a piece to get funds to buy another. Property Date Acquired Date Sold Adjusted Basis Sales Price Antique vase 05/23/19 $42,000 06/18/08 12/23/10 $37,000 22,000 Blue Growth Fund 11/22/19 38,000 (100 shares) Orange bonds 02/12/11 04/11/19 34,000 42,000* 02/14/19 11/23/19 11,000 13,000 Green stock (100 shares) *The sales price included $750 of accrued interest. a. What are the amount and nature of the gain or loss from each of these transactions? Property Type of Gain or Loss Amount Antique vase Long-term capital gain Blue Growth Fund Long-term capital gain Orange bonds Long-term capital gain Green stock Short-term capital gain
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