QUESTION 3 Kurt a single cash basis, calendar year taxpayer, had the following transactions during the year.. On February 1, 2020, he $100,000. He sold the stock on August 31, 2020, for $75,000 purchased Apple stock for On March 1, 2018, he purchased a collection of silver coins for $250,000. On February 28, 2020, he sold the collection for $280,000 . On November 1, 2017, he purchased Amoco stock for $600,000. He sold the stock on October 31, 2020 for $650,000. On June 17, 2016, he loaned his cousin $10,000 to remodel his house for a handicapped spouse. The cousin signed a loan agreement that required payments of $150 per month and 4% interest. On March 23, 2020, the cousin filed Chapter 7 bankruptcy that entitled Kurt to no future payments on the remaining $2,500 balance of the debt. On June 1, 2018, he purchased $250,000 of preferred stock directly from Badass Texas Trucks Inc. At the time he purchased the stock, the company had $825,000 of paid-in capital. On June 30, 2020, he sold the stock for $190,000. After the netting process, what is the character of any gains and losses that will be included on his 2020 tax return? $42,500 long-term capital gain taxed at the maximum rate of 20% Support $5,000 short-term capital loss $45,000 long-term capital gain taxed at the maximum rate of 20% $2.500 collectible capital gain taxed at the maximum rate of 28%: 540,000 long-term capital gain taxed at the maximum rate of 20% 10 points Save