Ulma Had the Following Transactions During 2010: a Painting Held

question 75

Essay

Ulma had the following transactions during 2010: a painting held for three years and sold at a gain of $65,000;100 shares of Gray stock held six months and sold for a loss of $3,000;50 shares of Yellow stock held 18 months and sold for a gain of $36,000.Ulma also had $344,000 of taxable income from other sources than these property transactions.What is Ulma's net capital gain or loss and what is her taxable income?

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