The Schnappaufs receive Form 1099-B (Exhibit A-15) from Pebble Beach Investors for the sale of several securities. Details on the securities sales are provided below. The selling price listed is net of brokerage commissions and represents the amount the Schnappaufs actually receive from the sale.

Stock Date Acquired Date Sold Sale Price Purchase Price

150 shares Pfizer Corporation 5/12/97 8/15/20 $ 6,000 $ *

300 shares Texas Instruments 7/30/02 10/25/20 17,100 **

50 shares Alcoa 6/10/14 10/23/20 525 1,800

25 shares Luminent 4/28/20 9/4/20 900 2,700

60 shares Textron 9/11/20 10/27/20 10,410 9,100

300 shares Hasbro 1/7/09 12/20/20 6,125 3,150

*When Joyce graduated from college on May 12, 1997, her father gave her 150 shares of Pfizer Corporation stock that he had acquired on October 27, 1989, for $1,300. At the date of the gift, the fair market value of the stock was $1,800. In January 2006, Pfizer Corporation stock split 2 for 1.

**The Schnappaufs acquired 500 shares of preferred stock in Texas Instruments for $7,810. Shortly after the purchase, they received a nontaxable 10% stock dividend.

Provide the calculation and show work for the net long term capital gains.

Answer rating: 100% (QA)

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