Katie sells her personal use automobile for $12,000. She purchased the car three years ago for $25,000. What is Katie's recognized gain or loss?
A) $0
B) $12,000
C) ($13,000)
D) ($25,000)
E) None of the above

Question

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The Answer of Katie sells her personal use automobile for $12,000. She purchased the car three years ago for $25,000. What is Katie's recognized gain or loss?
A) $0
B) $12,000
C) ($13,000)
D) ($25,000)
E) None of the above

Katie Sells Her Personal Use Automobile for $12,000