Lorraine is an avid baseball card collector. She gives a card dealer $50 and a Roger Maris

Question:

Lorraine is an avid baseball card collector. She gives a card $50 and a Roger Maris card for a Sammy Sosa card.
Identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.

Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...