Greta had the following transaction in 2021:

a. Carl sold a building in 2021 and generated a $3,000 unrecaptured 1250 gain and a $6,000 LT capital gain.

b. Carl sold some old postage stamps he had been collecting since he was a kid at a gain of $5,000.

c. Stock was purchased on 4/15/21 for $4,000 and sold on 11/2/21 for $1,000.

d. He sold a potato washing machine that he had used in his business for an ordinary loss of $2,000

e. He sold a personal auto for a long-term loss of $1,000.

f. He sold bonds that he purchased back in 2018 for a loss of $10,000.

What are the net capital gain or loss and its character?

Answer rating: 100% (QA)

A C 1 Particulars Gain Loss 2 Profit on sale of building 125... View the full answer