Carol Had the Following Transactions During 2017: a Painting Held

question 43

Essay

Carol had the following transactions during 2017: a painting held for two years and sold at a gain of $85,000; 100 shares of Gray stock held six months and sold for a loss of $6,000; 50 shares of Yellow stock held 18 months and sold for a gain of $36,000. Carol also had $264,000 of taxable income from other sources than these property transactions. What is Carol's net capital gain or loss and what is her taxable income?

---

Definitions:

Pheromones

Chemical substances produced and released into the environment by animals, including humans, affecting the behavior or physiology of others of its species.

Hearing Loss

A decrease in the ability to perceive sounds, ranging from mild to profound, which may affect one or both ears.

Olfaction

The sense of smell, one of the five senses.

Olfactory Epithelium

A specialized epithelial tissue inside the nasal cavity responsible for detecting odors, comprised of olfactory receptors and supporting cells.