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DeVry Student Portal x Week 8: Homework X CengageNOWv2 | Online teachin X + m/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Print Item Exercise 16-13 (Algorithmic) (LO. 3) Sheila purchases $90,400 of newly issued Gingo Corporation bonds for $81,360. The bonds have original issue discount (OID) of $9,040. After Sheila amortized $4,068 of OID and held the bonds for four years, she sold the bonds for $85,880. What is the amount and character of her gain or loss? Sheila has a capital gain V of Feedback Check My Work Recognition of capital gain or loss usually requires a sale or exchange of a capital asset. The Code uses the term sale or exchange, but does no define it. Generally, a property sale involves the receipt of money by the seller and/or the assumption by the purchaser of the seller's liabilities exchange involves the transfer of property for other property. Original issue discount (OID) arises when the issue price of a debt obligation is than the maturity value of the obligation