Indicate the tax effect of the transaction

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Your client, Mr. T has provided you with the following information regarding his 2019 tax year:

2019:

Mr. T sold a piece of jewellery from his personal collection for $600 which originally cost him $1,250.

Mr. T sold a piece of artwork from his personal collection for $10,000 which originally cost him $8,000.

Mr. T has not recently sold any other personal property.

Question 1: Indicate the tax effect of these transaction for 2019.

Question 2: Identify if there are carry forwards for 2020

Reference no: EM132701781

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