What is the minimum taxable capital gain

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Reference no: EM133497211

Question: Ms. Brown sold the following properties in the current year and has provided the related information below.

Personal computer Received: $800 Cost paid $1,400

Grandmother's wedding ring Received: $700 Cost paid: * See below

Mr. Brown s' stamp collection Received: $3,200 Cost paid: $950

Antique piano Received: $6.000 Cost paid: $2,600

*Ms. Brown's grandmother's wedding ring was given to her as a gift for the passing of her grandmother. It is estimated that it was worth $2.200 at the time she received it.

What is the minimum taxable capital gain that Ms. Browns must report on her tax return for the current year assuming she has no loss carry-over balances of any kind as of the end of the prior year?

Reference no: EM133497211

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