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What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, and Net Capital Gains (LO 4.1, 4.2, 4.3, 4.5) During 2019, Tom sold

What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, and Net Capital Gains (LO 4.1, 4.2, 4.3, 4.5)

During 2019, Tom sold Sears stock for $10,600. The stock was purchased 4 years ago for $14,840. Tom also sold Ford Motor Company bonds for $37,100. The bonds were purchased 2 months ago for $31,535. Home Depot stock, purchased 2 years ago for $1,060, was sold by Tom for $1,590. Calculate Tom's net gain or loss, and indicate the nature of the gain or loss.

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