Question: Problem 4-2 (Algorithmic) What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, and Net Capital Gains (LO 4.1, 4.2, 4.3, 4.5) During

Problem 4-2 (Algorithmic) What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, and Net Capital Gains (LO 4.1, 4.2, 4.3, 4.5) During 2021, Tom sold GM stock for $16,600. The stock was purchased 4 years ago for $23,240. Tom also sold Ford Motor Company bonds for $58,100. The bonds were purchased 2 months ago for $49,385. Home Depot stock, purchased 2 years ago for $1,660, was sold by Tom for $2,490.

Calculate Tom's net gain or loss, and indicate the nature of the gain or loss.

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