Question: Problem 3-50 (a) (LO. 6, 8) During the year, Shanta recorded the following transactions involving capital assets. Indicate the tax treatment for each item: Transaction

Problem 3-50 (a) (LO. 6, 8)

During the year, Shanta recorded the following transactions involving capital assets.

Indicate the tax treatment for each item:

Transaction Amount Tax Treatment
Loss on the sale of a coin collection (held as an investment for 10 years) ($15,000)
Gain on the sale of a personal vehicle (purchased six months ago) 1,000
Gain on the sale of corporate stock (purchased two years ago as an investment) 11,000
Loss on the sale of a personal sail boat (acquired three years ago) (3,200)

Overall, Shanta has of $ and of $.

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