Question: During the year, Hernando recorded the following transactions. How should Hernando treat these transactions for income tax purposes? Gain on the sale of stock

During the year, Hernando recorded the following transactions. How should
Hernando treat these transactions for income tax purposes?
• Gain on the sale of stock held as an investment for 10 months.
• Gain on the sale of land held as an investment for 4 years.
• Gain on the sale of a houseboat owned for 2 years and used for family vacations.
• Loss on the sale of a reconditioned motorcycle owned for 3 years and used for recreational purposes?

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