Did rennie achieve the given objective why or why not

Reference no: EM13945719

Rennie owns a video game arcade. He buys vintage video games from estates, often at much less than the retail value of the property. He usually installs the vintage video games in a special section of his video game arcade that appeals to players of "classic" video games. Recently, Rennie sold a classic video game that a customer "just had to have." Rennie paid $11,250 for it, owned it for 14 months, and sold it for $18,000. Rennie had suspected that this particular classic video game would be of interest to collectors; so he had it refurbished, put it on display in his video arcade, and listed it for sale on the Internet. No customers in the arcade had played it other than those testing it before considering it for purchase. Rennie would like the gain on the sale of the classic video game to be a long-term capital gain. Did he achieve that objective? Why or why not?

Reference no: EM13945719

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