Question: individual incometax class, short answer without explaining please 3. Noelle received dining room furniture as a gift from her friend, Jane. Jane's adjusted basis was
3. Noelle received dining room furniture as a gift from her friend, Jane. Jane's adjusted basis was $9,200 and the fair market value on the date of the gift was $7,000. Noelle decided she did not need the furniture and sold it to a neighbor six months later for $6,500. What is her realized gain or loss and what's her recognized gain or loss
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