Question: Explain the difference between the following situations: Lois sells a letter written to her by President Ronald Reagan in 1982 to a collector for $5,000.

Explain the difference between the following situations:

  1. Lois sells a letter written to her by President Ronald Reagan in 1982 to a collector for $5,000.
  2. Lois sells a signed copy of the book To Kill a Mockingbird, which she purchased in 1980 for $5 to a collector for $5,000.

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