1. Summer Rain moved to Europe and sold the following items prior to leaving:

	Original Cost	Proceeds
2015 Vehicle	$24,000	$10,000
Antique cabinet	1,000	2,000
Three rare coins	100	1,100
Shares in a public corporation	4,000	3,000
Boat	500	600
Limited edition painting	800	2,500
Sculpture	1,100	900

Summer has been carrying forward an LPP loss of $5,000 for the past 5 years. She had no capital gains in the past three years, so no losses can be carried back.

Required:

Calculate the tax consequences of Summer’s sales transactions and, indicate any loss carry-forwards that are still available and when they expire.

Answer rating: 100% (QA)

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