Question: On September 2 4 , 2 0 2 4 , John Smith sold a coin collection for $ 2 2 , 0 0 0 .

On September 24,2024, John Smith sold a coin collection for $22,000. The collection had been inherited on May 15,2009 from John's father. The coin collection had cost his father $11,000 and at the time of his death the collection was as valued at $15,000. John's gain (loss) on the sale is:
$7,000 long-term capital gain
$11,000 long-term capital gain
$22,000 long-term capital gain
( $4,000 long-term capital loss
None of these
On September 2 4 , 2 0 2 4 , John Smith sold a

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