Larry has been an active postage-stamp collector for a number of years. A few years ago, he bought a rare U.S. postage stamp for $2,500. He has now decided to sell the stamp. If he sells it at an auction and receives $3,000 but pays a 20% sales commission on the amount received, what will be Larry's capital gain or loss? Question 1 options: Capital gain of $500. Capital loss of $100. Capital gain of $100. Capital loss of $400.

Answer rating: 100% (QA)

Larry bought the rare stamp for 2500 He is now selling ... View the full answer