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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The gain from the sale of the personal coin collection is taxable, while the loss from the sale of a personal use automobile is not deductible for tax purposes.

Frank Sold His Personal Use Automobile for a Loss of $9,000.He