Question: J sold a diamond ring for $ 2 , 0 0 0 that she purchased for $ 8 0 0 many years earlier. She also

J sold a diamond ring for $2,000 that she purchased for $800 many years earlier. She also sold a painting for $900 that she had purchased for her living room for $1,200. What amount is to be reported in net income for tax purposes?

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