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Gyan Sold an Oriental Rug in 2012 for $25,000

Question 46

Multiple Choice

Gyan sold an oriental rug in 2012 for $25,000. He acquired the rug in 2002 for $17,000. He received $6,000 in 2012 and $10,000 in 2013. Gyan sold the installment obligation on January 3, 2014 for $8,500. Gyan's long- term capital gain on the sale of the installment obligation is:


A) $-0-
B) $2,380
C) $6,120
D) $8,500
E) none of the above

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