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Problem 8-2 (Algorithmic) What is a Capital Asset?, Holding Period, and Calculation of Gain or...

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Accounting

Problem 8-2 (Algorithmic) What is a Capital Asset?, Holding Period, and Calculation of Gain or Loss, Net Capital Gains (LO 8.1, 8.2, 8.3)

During 2016, Tom sold Sears stock for $15,400. The stock was purchased 4 years ago for $21,560. Tom also sold Ford Motor Company bonds for $53,900. The bonds were purchased 2 months ago for $45,815. Home Depot stock, purchased 2 years ago for $1,540, was sold by Tom for $2,310.

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

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