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Sara Nade had 2021 capital asset transaction as noted below. For each asset disposition, determine the amount of her gain or loss for tax purposes.
Sara Nade had 2021 capital asset transaction as noted below. For each asset disposition, determine the amount of her gain or loss for tax purposes.
1. Sara gave her cousin Nino her clarinet. She had paid $375 for it 12 years ago. Because of its valuable in laid ivory key pads, the instrumenet was worth $500 when she gave it away.
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