Question

Item	Sales Price	Cost
Diamond Ring	$1,200	$800
Gold Coin Collection	$1,900	$1,100
Rare Book	$800	$1,100
Vintage Car	$14,500	$15,000

Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year?

	a) $100
	b) $150
	c) $200
	d) $400

Answer 1

Item	Sales Price	Cost	Gain / Loss
Diamond Ring	$     1,200.00	$       800.00	$     400.00
Gold Coin Collection	$     1,900.00	$    1,100.00	$     800.00
Rare Book	$        800.00	$    1,100.00	$   -300.00
Vintage Car	$ 14,500.00	$ 15,000.00	$   -500.00
			$ 400.00

Ans: D) $ 400