Sarah Orsen is an officer of Atlas Company. At the beginning of 2019, Sarah owned two investments. One was a coin collection she paid $61,000 for back in 2010 and the other was stock in a diamond mining company that she paid $32,000 for back in 2012. Sarah sold the coins in 2019 for $74,000 and got word that the diamond mining company was defunct and that the president had disappeared into the Amazon with any company assets. 

If Sarah’s income was $204,500 (not considering investments) and she is single what is the impact of Sarah’s investments on her tax liability?

Answer rating: 100% (QA)

Gain on sale of coin collection 74000 61000 13000 Longte... View the full answer