Samantha sold the following assets during 2016: Her home, which she had lived in for 10 years,
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Question:
Samantha sold the following assets during 2016:
Her home, which she had lived in for 10 years, for a gain of $75,000
Stock in BASS purchased in 2014 for $10,000 was sold for $16,000.
Stock in TREBLE purchased on January 23, 2016 for $4,000 was sold on October 15, 2016 for $4,500.
A collectible motorcycle sold on August 19 for $17,000. She had purchased it for $15,000 in December of 2013.
Determine the character and amount of Samantha’s gains and losses.
How would your answer change if Samantha had initially purchased her home as a vacation home but has used it as her principle residence for the last 4 years?
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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