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Business, 18.02.2020 18:03 Mimidj9279

What is a Capital Asset?, Holding Period, and Calculation of Gain or Loss, Net Capital Gains (LO 8.1, 8.2, 8.3)

During 2015, Tom sold Sears stock for $10,000. The stock was purchased 4 years ago for $13,000. Tom also sold Ford Motor Company bonds for $35,000. The bonds were purchased 2 months ago for $30,000. Home Depot stock, purchased 2 years ago for $1,000, was sold by Tom for $2,500.

Calculate Tom's net gain or loss, and indicate the nature of the gain or loss.

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