Select the correct answer for each transaction, and list the amount of the resulting taxable gain or deductible loss:

Select the correct answer for each transaction, and list the amount of the resulting taxable gain or deductible loss: Ordinary Loss Ordinary Gain Short Term Capital Loss Short Term Capital Gain Long Term Capital Gain Long Term Capital Loss Section 1231 Gain Section 1231 Loss Section 1245 Gain Section 1245 Loss Non deductible loss Nontaxable gain Type Amount 1. Sale of 100 shares of Broadway for $5,000 p Irchased thr e years ago for $5,500. 2. Sale for $20,000 of 20 shares of Zebra received as an inheritance from your uncle thirteen months ago. The shares cost your uncle $500 and at the time of his death were worth $22,000. 3. Sale of inventory that originally cost $800 for $900. 4. Sale of a necklace for $12,000. The necklace was received as a gift last month when it was worth $10,000 and the donor had purchased it for $6,000 two months ago. 5. Sale of 100 shares of stock for $15,000. The stock was received as a gift from your aunt. Your aunt originally paid $2,000 for the stock three years ago, and at the time of the gift, the shares were worth $14,000. 6. Sale of 40 shares of stock for $40,000. The stock was received as a gift from your great uncle and he had originally purchased the stock for $30,000 ten years ago, and at the time of the gift, the stock was worth $35,000. 7. Sale of your daughters' pet pony for $500 that originally cost $750.