Chapter 14:

38. LO.2 During the year, Eugene had the four property transactions summarized below. Eugene is a collector of antique glassware and occasionally sells a piece to get funds to buy another. What are the amount and nature of the gain or loss from each of these transactions?

1) Property: Antique vase

Date Acquired: 06/18/04

Date Sold: 05/23/15

Adjusted Basis: $37,000

Sales Price: $42,000

2) Property: Blue Growth Fund (100 shares)

Date Acquired: 12/23/06

Date Sold: 11/22/15

Adjusted Basis: $22,000

Sales Price: $38,000

3) Property: Orange bonds

Date Acquired: 02/12/07

Date Sold: 04/11/15

Adjusted Basis: $34,000

Sales Price: $42,000

4) Property: Green stock (100 shares)

Date Acquired: 02/14/15

Date Sold: 11/23/15

Adjusted Basis: $11,000

Sales Price: $13,000