The following assets in Shaughnessy's business were sold in 2022: Asset Holding Period Gain/(Loss) Office equipment 6 years $1,100 Automobile 8 months (800) XYZ stock (capital asset) 2 years 1,400 The office equipment had a zero adjusted basis and was purchased for $8,000. The automobile was purchased for $2,000 and sold for $1,200. The XYZ stock was purchased for $1,800 and sold for $3,200. In 2022 (the year of sale), Shaughnessy should report what amount of net capital gain and net ordinary income?

a. $2,500 LTCG and $300 ordinary gain 

b. $2,500 LTCG and $800 ordinary loss 

c. $1,700 LTCG 

d. $600 LTCG and $300 ordinary gain 

e. $1,400 LTCG and $300 ordinary gain

Answer rating: 100% (QA)

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