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Summer Rain moved to Europe and sold the following items prior to leaving: Original Cost Proceeds 2015 Vehicle $24,000 $10,000 Antique cabinet 1,000 2,000 Three

  1. Summer Rain moved to Europe and sold the following items prior to leaving:

Original Cost

Proceeds

2015 Vehicle

$24,000

$10,000

Antique cabinet

1,000

2,000

Three rare coins

100

1,100

Shares in a public corporation  

4,000

3,000

Boat

500

600

Limited edition painting

800

2,500

Sculpture

1,100

900

Summer has been carrying forward an LPP loss of $5,000 for the past 5 years. She had no capital gains in the past three years, so no losses can be carried back.

Required:

Calculate the tax consequences of Summer’s sales transactions and, indicate any loss carry-forwards that are still available and when they expire.


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