painting

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter17: Property Transactions: §1231 And Recapture Provisions
Section: Chapter Questions
Problem 29CE
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Q3. In 1990 an anonymous private collector purchased a painting by Picasso entitled Angel Fernandez
de Soto for $4,450,000. The painting was done in 1900 and valued then at $1800. If the painting was
owned by the same family until its sale in 1990, what is the interest rate they receive on the $1800
investment? 

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