Problem:
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