Question
Sarah Orsen is an officer of Atlas Company. At the beginning of 2019, Sarah owned two investments. One was a coin collection she paid $61,000
Sarah Orsen is an officer of Atlas Company. At the beginning of 2019, Sarah owned two investments. One was a coin collection she paid $61,000 for back in 2010 and the other was stock in a diamond mining company that she paid $32,000 for back in 2012. Sarah sold the coins in 2019 for $74,000 and got word that the diamond mining company was defunct and that the president had disappeared into the Amazon with any company assets. If Sarahs income was $204,500 (not considering investments) and she is single what is the impact Sarahs investments on her tax liability?
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