1. Spencer received a K-1 from a partnership
indicating that his share of the partnership STCL is $200.
2. Land was sold for $35,000. The land was received as a property
settlement on January 10, 2001, when the land's FMV amounted to $30,000. His ex-wife's basis for the land, purchased on January 10, 1991, was $18,000.
3. A personal
-use computer acquired on March 2 for $4,000 was sold for $2,480.
4. A membership card for a presigous country club was sold for $8500. The card was acquired on October 10, 1993, for $6,000.
5. Marketable securities held as an investment were sold for $20,000. The securities were inherited
from his uncle, who died on March 10 of the current year when FMV of the securities was $21,000. The uncle purchased the securities on May 10, 1990 for $10,700.
In addition, he received $100 refund of the state income taxes
paid last year.