Bryce, a bank official, is 40 years old, unmarried and has no dependents. During 2022 he engages in the following activities and transactions:
a. Being an avid fisherman, Bryce develops an expertise in tying flies. At times during the year, he is asked to conduct fly-tying demonstrations, for which he is paid a small fee. He also periodically sells flies that he makes. Income generated from these activities during the year is $2,500. The expenses for the year associated with Bryce’s fly-tying activity include $125 personal property taxes on a small trailer that he uses exclusively for this purpose, $2,900 in supplies, $270 in repairs on the trailer, and $200 in gasoline for traveling to the demonstrations.
b. Bryce sells a small building lot to his brother for $40,000. Bryce purchased the lot four years ago for $47,000, hoping to make a profit.
c. Bryce enters into the following stock transactions: (None of the stock qualifies as small business stock.)

d. Bryce’s salary for the year is $100,000. In addition to the items above, he makes $5,000 in cash contributions to Main Lutheran Church and pays $4,800 of state income tax. Determine the following:
1. Bryce’s taxable income for 2022.
2. Bryce’s basis in the Silver stock he continues to own.

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Date March 22 April 5 April 15 May 20 Transaction Purchases 100 shares of Silver Corporation common stock for $2,800. Sells 200 shares of Gold Corporation common stock for $8,000. The stock was originally purchased two years ago for $5,000. Sells 200 shares of Silver Corporation common stock for $5,400. The stock was originally purchased three years ago for $9,400. Sells 100 shares of United Corporation common stock for $12,000. The stock was originally purchased five years ago for $7,000.