Tracy owns a nondepreciable capital asset held for investment. The asset was purchased for $ 250 comma 000 six years earlier and is now subject to a $ 75 comma 000 liability. During the current year, Tracy transfers the asset to Tim in exchange for $ 94 comma 000 cash and a new automobile with a $ 50 comma 000 FMV to be used by Tracy for personal use; Tim assumes the $ 75 comma 000 liability.

Requirement

Determine the amount of TracyTracy's LTCG or LTCL.
(Use parentheses or a minus sign to enter a loss.)

Tracy will realize a long-term capital gain or loss of ___.

Need true or false 1 2 3 4 5 6 7 8

Betty contracted with scooby’s skate store to deliver a pair of skates to jake for his birthday. scooby’s owner was going on a trip and delegated the delivery of the skates to brian. brian failed to make delivery.can jake sue brian for breach of contract, as he was not a party to the original contract? explain your answer. brian was not a party to the original contract. why would a court hold him responsible for failing to make delivery? if you do not think a court would hold him responsible, explain your answer. can jake sue scooby’s skates for breach of contract? explain your answer.

On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?