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What is the tax effect for income

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April sold several properties and made several withdrawals as follow in 2019:

Sale of inherited stock (fair market value when inherited on June 22,

2011, $4,000; decedent's basis = $390) was sold on June 14 for              $ 3,800

Withdrawal from traditional retirement account on June 15                            6,000

Withdrawal from Roth retirement account on June 16                                      4,000

Loan from mortgage company on June 19 (inherited home

pledged as security) to purchase 2020 BMW on June 19                                   40,000

Sale of classic automobile received as a gift on June 22, 12016 (fair

market value on June 22, 2016, $42,000; donor's basis = $5,200),

sold on June 22 for 37,500

Question 1: What is the tax effect (income, gain, deduction or loss recognized and character, including holding period when appropriate) of each of these transactions?

Reference no: EM132570440

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