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Determine the amount of the capital gain or loss in each of the following transactions.
a. 100 shares of Bilco stock bought for $8,000 on January 22 of year 3 and sold for $10,000 on January 22 of year 4.
$ short-term capital gain (held only one year).
b. 20 acres of investment land bought for $8,000 on January 31 of year 3 and sold for $7,000 on February 2 of year 4.
$ long-term capital loss.
c. 150 shares of Dantron stock bought for $15,000 on April 1 of year 3 and sold for $17,000 on May 28 of year 5.
$ long-term capital gain.
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