In 2014,Frank sold his personal use automobile for a loss of $9,000.He also sold a personal coin collection for a gain of $10,000.As a result of these sales,$10,000 is subject to income tax.

Question

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Frank must recognize a collectible gain of $10,000 on the sale of the coin collection.The $9,000 loss on the sale of the personal use automobile is nondeductible.

In 2014,Frank Sold His Personal Use Automobile for a Loss