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Question 38 2.5 pts Fifty years ago, Jeff bought a Ford Mustang car for $4,000. This year, he sold it at an antique auction
Question 38 2.5 pts Fifty years ago, Jeff bought a Ford Mustang car for $4,000. This year, he sold it at an antique auction for $75,000 (although he hated to part with it). What amount of capital gain or loss, if any, does Jeff recognize for tax purposes from the sale of his Ford Mustang? (Please enter a gain as a positive number and a loss as a negative number) Question 39 Charlie received the following amounts towards his college costs during 2020: Scholarship for college tuition and fees Scholarship for college room and board $ 15.000 $ 10,000 Jacksonville Chamber of Commerce Citizenship Award $ 2,000 Gift from his uncle $ 8,000 2.5 pts Compute the amount Charlies must include in gross income from the above items (assume he is not required to provide any services for either of the scholarships)?
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