A taxpayer had the following asset sales during the tax year:

• ABC stock owned 5 months, purchased for $1,000 and sold for $1,800
• XYZ stock owned 2 years, purchased for $2,000 and sold for $3,000
• Coin collection owned 10 months, purchased for $2,000 and sold for $1,900
• Clothing owned for 6 years, purchased for $800 and sold for $300

Based on these facts, what gains will be included in taxpayer's gross income?

Answer rating: 100% (QA)

Based on the information provided heres how the gains from the asset sales would be treated for tax ... View the full answer