Mary sells her personal use automobile for $20,000. She purchased the car two years ago for $17,000.

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Mary sells her personal use automobile for $20,000. She purchased the car two years ago for $17,000. What is Mary’s recognized gain or loss? It increased in value due to its excellent mileage, yet safe design.

a. $0

b. $3,000

c. $17,000

d. $20,000

e. None of the above

Related Book For answer-question

South Western Federal Taxation 2014 Comprehensive Volume

ISBN: 9781285180922

37th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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Posted Date: Jun 10, 2022 06:43 AM

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Mary sells her personal use automobile for $20,000. She purchased the car two years ago for $17,000.

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b 3000 12 ... View the full answer

South Western Federal Taxation 2014 Comprehensive Volume

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