If economic depreciation refers to diminution in value because of obsolescence, physical wear and tear, technological advances in substitute goods, or changes in consumption behavior, tastes and distributional behavior, what accounts for the appreciation in value of the following:
1) Real estate commercial office buildings in New York City or brownstone townhomes on Capitol Hill, NE, Wash. D.C.
2) Residential Coops and Condos in Back Bay Boston, or Cambridge, Mass.
3) American Classic Cars e.g. 1950's GM Chevy Corvette, GM Eldorado Cadillac, or 1960's Ford Mustang.
4) Topps trading cards featuring baseball players Ted Williams, Henry Aaron, Willie Mays or Mickey Mantle.
5) Numismatic Coins such as Civil War silver dollars, two-sided Buffalo nickels, or American Eagle Gold Dollar Coins.
Explain how a sale would be generally treated under the federal tax law for each item listed above.
This question was answered on: May 23, 2022
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