Question: Sam gave Lance a car when he turned 16 for his personal use. Sams basis in the car was $2,500 and on the date of

Sam gave Lance a car when he turned 16 for his personal use. Sams basis in the car was $2,500 and on the date of gift the car was worth $2,000. When Lance was 18, he sold the car for $1,500. What is Lances recognized loss on the sale of the car?

A. $500

B.$1500

C.$0

D.$1000

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