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)

Name: 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)
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Question

Quizplus · Accepted Answer

The sale of a personal use asset, such as a personal automobile, does not result in a recognized gain or loss for tax purposes.

Katie Sells Her Personal Use Automobile for $12,000