Taxation

ACCT 3334
Research Exercise #3
Becky owns a painting that she inherited from her aunt five years ago. It is an original work by a well-known Texas artist and was valued at $15,000 when she inherited it. The artist has just died and his paintings have shot up in value. According to a recent appraisal, the painting is currently valued at $43,000. It is the only piece of fine art that Becky owns. She is considering selling the painting and would like to know what the tax consequences might be if she sells it this year or waits until next year when she will have a higher paying full-time job and will be in a position to use the money to purchase a condo. Becky has no other capital assets. She is a single taxpayer and her only gross income for the year consists of $13,000 from an internship. Next year she will be employed full-time and expects to be earning at least $50,000. Please write a research memo in good form to address the issues in Becky’s question.p(2)

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