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Determine the character and amount of samantha gains

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Reference no: EM131661490

Question: Samantha sold the following assets during 2016:

  • Her home, which she had lived in for 10 years, for a gain of $75,000
  • Stock in BASS purchased in 2014 for $10,000 was sold for $16,000.
  • Stock in TREBLE purchased on January 23, 2016 for $4,000 was sold on October 15, 2016 for $4,500.
  • A collectible motorcycle sold on August 19 for $17,000. She had purchased it for $15,000 in December of 2013.

1. Determine the character and amount of Samantha's gains and losses.

2. How would your answer change if Samantha had initially purchased her home as a vacation home but has used it as her principle residence for the last 4 years? Put your answers in Excel.

Reference no: EM131661490

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