George sold a piece of land for $18,000 he inherited from his father last year. His father purchased the land for $8,000 in 2002. The land had a FMV of $16,500 at the time of his dad’s
death. George also sold a gold watch for $3,000 he received from his father as a gift. The
watch has been in the family for generations. George had the watch appraised, and it was
valued at $2,500 when his father died. George does not have any information as to how much
was originally paid for the watch. What would be the amount of George’s total capital gain?