Tyrone Sells His Personal-Use Car That Had Cost $15,000 for $10,000

Tyrone sells his personal-use car that had cost $15,000 for $10,000. Why is the loss realized on this transaction disallowed as a deduction?
I.Legislative Grace is lacking.
II.Personal losses are disallowed.
III.Business purpose is lacking.
​

A) Only statement I is correct.
B) Only statement II is correct.
C) Only statement III is correct.
D) Statements I and II are correct.
E) Statements I, II, and III are correct.