Compute Stark's reported gain or loss relating to the land for 2019.
A) $5,000 loss.
B) $5,000 gain.
C) $7,000 loss.
D) $7,000 gain.
E) $ 0.

Question

Quizplus · Accepted Answer

Without additional context or information about the purchase price, sale price, or any other transactions involving the land in 2019, it's not possible to compute a gain or loss. Therefore, the default assumption is no gain or loss.

Compute Stark's Reported Gain or Loss Relating to the Land