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The next instruction tells you to proceed to part 4 if you have gains on part one and part two.

That's not what it says. It says to go to Part IV if both line 16 (net long-term gain/loss) and line 17 (net capital gain/loss) are gains. Since your one transaction is a long-term gain, both lines 16 and 17 are gains, and you go to Part IV.

Phil Marti
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