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What would be the amount of georges total capital gain

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Question - George sold a piece of land for $18,000 he inherited from his father last year. His father purchased the land for $8,000 in 2001. The land had a FMV of $16,500 at the time of his dad's death. George also sold a gold watch for $3,000 he received from his father as a gift. The watch has been in the family for generations. George had the watch appraised, and it was valued at $2,500 when his father died. George does not have any information as to how much was originally paid for the watch. What would be the amount of George's total capital gain?

a. $ 2,000

b. $10,500

c. $ 4,500

d. $13,000

Reference no: EM132523562

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