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Long term capital gain or long term capital loss on sale

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Reference no: EM131268060

Wanda owns a non-depreciable capital asset she has held for investment. She purchased the asset for $200,000 six years ago, and it is now subject to a $54,000 liability. During the current year, Wanda sells the asset to Steve in exchange for $85,000 cash and a new automobile with a fair market value of $45,000 to be used by Wanda for personal use. Steve assumes the $54,000 liability. Calculate the amount of Wanda’s Long Term Capital Gain or her Long Term Capital Loss on this sale.

Reference no: EM131268060

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