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Calculate the tax treatment for each of disposed property

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Reference no: EM132906524

Song Ming sold the following property during the current year:

                                 Sale          Price Cost

Diamond Necklace         1,200             600

Rare Book                     1,800.           1,200

Antique Brass Bed           2,000.            500

Coin Collection                900.           1,100

Classic vintage car.            16,500      17,000

Problem 1: Calculate the tax treatment for each of the disposed property and determine what is the total taxable capital gain, or the net capital loss for tax purposes, during the current year?

Reference no: EM132906524

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