Carrie repossessed a property with a fair market value of $19,000 on the date of repossession....

 

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Carrie repossessed a property with a fair market value of $19,000 on the date of repossession. Her basis in the property is $11,000, and the costs of repossession were $1,200. What is Carrie's gain on this transaction? $9,800 $8,000 $6,800 $1,200 Carrie repossessed a property with a fair market value of $19,000 on the date of repossession. Her basis in the property is $11,000, and the costs of repossession were $1,200. What is Carrie's gain on this transaction? $9,800 $8,000 $6,800 $1,200

Answer rating: 100% (QA)

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