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Three Years Ago, Suzanne Bought a New Personal Automobile for $26,900

Question 51

Multiple Choice

Three years ago, Suzanne bought a new personal automobile for $26,900. This year, she sold it for $19,000. What is the amount and character of Suzanne's recognized loss?


A) No loss recognized on the sale of a personal asset.
B) $26,900 long-term capital loss.
C) $7,900 ordinary loss.
D) $7,900 long-term capital loss.

Correct Answer:

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