Embery MBAA667 Module 4.3 Discussion latest 2016 August

John started collecting model airplanes when he was just a young boy. His collection consists of over 500 model airplanes, most of which were received as birthday gifts. He is retiring this year and needs to downsize, therefore, he has decided to sell his collection. He lists the model airplanes on an Internet auction site and receives an offer of $50,000 for the model airplane collection. John sells the entire collection, except for the 3 newest airplanes purchased in the last year. The remaining airplanes had all been owned by John for over a year.

1. Discuss the tax factors John needs to consider in deciding how to report the sale.
2. Read the posts of your classmates and reply to at least two of your peers.
3. Review the rubric which will be used to evaluate each discussion board posting for this course.

It is highly recommended that you submit your initial post by midweek. Posting in a timely manner offers your classmates sufficient opportunity to respond to you in this discussion.

For full credit, respond to at least two of your classmates in the forum by the posted due date. Review the grading rubric for detailed grading requirements.