Calculate amount and type of gain for sales of antique cars
Not what you're looking for?
During the year, Eric had the four property transactions summarized below. Eric is a collector of antique automobiles and occasionally sells one to get funds to buy another. What are the amount and nature of the gain or loss from each of these transactions?
Property Date Acquired Date Sold Adjusted Basis Sale Price
Antique 06/18/98 05/23/07 57,000 45,000
Truck
Blue 12/23/00 11/22/04 22,000 33,000
Growth Fund
100 shares
Orange 02/12/01 04/11/07 34,000 42,000
bonds
Green 02/14/07 11/23/07 13,000 11,000
Stock
100 shares
Purchase this Solution
Solution Summary
The solution calculates the gain for each stating the type of gain and the tax rate which will apply.
Solution Preview
Antique
Sale: 57000 - 45000 = 12000
Long term gain
Collectible rate of 28%
Blue
Sale: 22000 - 33000 = ...
Purchase this Solution
Free BrainMass Quizzes
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Motivation
This tests some key elements of major motivation theories.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.