Herbert a collector of rare coins bought a 1916 Spanish
Herbert, a collector of rare coins, bought a 1916 Spanish Bowlero for $ 2,000 in 1984. He sold the coin for $ 4,500 in January. Herbert retired from his loading dock job in June and began actively buying and selling rare coins. By December, Herbert’s realized gain from such activities was $ 21,500. What type of taxable income was January’s $ 2,500 gain?
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