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

Exercise 4

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