McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 54

Sue has 5,000 shares of Sony stock that has an adjusted basis of $27,500.She sold the 5,000 shares of stock for cash of $10,000, and she also received a piece of land as part of the proceeds.The land was valued at $20,000 and had an adjusted basis to the buyer of $12,000.What is Sue's gain or loss on the sale of 5,000 shares of Sony stock?