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Taxpayer loves to frequent antique shops, hoping to expand on her collection of plates. During the summer she purchased a pink plate with flowers etched
Taxpayer loves to frequent antique shops, hoping to expand on her collection of plates. During the summer she purchased a pink plate with flowers etched into the glass. She paid $ This fall, when a friend was visiting, the friend noticed the plate and commented on how rare and expensive it was. The friend estimated that the plate was worth $ What are the tax consequences to Taxpayer?
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