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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
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