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  3. emily spring sold the following assets during the

Emily Spring sold the following assets during the tax year. Asset...

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Accounting

Emily Spring sold the following assets during the tax year.

Asset Original Cost Proceeds of Disposition
Sportscar $24,000 $10,000
Antique cabinet $1,000 $2,000
A rare coin $100 $1,100
Shares in a public corporation $4,000 $3,000
Canoe $500 $600
Limited edition painting $800 $2,500
Sculpture $1,100 $900

Required: Determine the total taxable income from Emily's sales, identifying the appropriate categories of capital property.

LPP PUP

Sportscar (10,000-24,000) 0

Antique cabinet 1000

A rare coin 1000

PUP losses are denied

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