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The following facts apply to Collins, an individual: In February of the current year, Hodge, who had owed a $5.000 personal debt to Collins for the past three years, declared bankruptcy Collins sold land used in Collins's business for a $10,000 gain. The land had been purchased by Collins five years prior In July of the current year, Colins received shares of stock as a gift from Bellamy Bellamy had purchased the shares in January of the current year In November Collins sold the stock for a gain of $3,000. 015552 Considering only the above facts, what will Collins report on the current year tax return? Mutiple Choice $5,000 long-term capital gain and $3,000 shot erm capital gain $8.000 loog-term capital gain $10000 ordinary income and $2,000 short-em capital loss 2,000 long-term capital gein n Year 3 Daniels, an individual, sold Section 1245 property for $21000 that had an adjusted basis of $12,000, resulting in a $9,000 gain. The property had cost Daniels $20,000 when purchased in Year 1, and $8,000 of MACRS depreciation had been taken. How should Daniels report the gain on Daniels Year 3 tax return? Mult ple Choice As an ordinary osin of $7,200 and a long-tem captal gain of $8o As an ordinary gain of s8,000 and a long term capital in of $1000 ls an ordinary gain of $1800 and a long -teem capital gain of $7200 As a long-serm cepital gain of 000 B0 8 WE R command option

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