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QUESTION
Sara owns an automobile for personal use. The adjusted basis is $14,000 and the FMV is $12,500. Sara has owned the car for two years.
Sara owns an automobile for personal use. The adjusted basis is $14,000 and the FMV is $12,500. Sara has owned the car for two years.a. Calculate the realized and recognized gain or loss if Sara sells the vehicle for $12,500.b. Calculate the realized and recognized gain or loss if Sara sells the vehicle for $15,000
