"ear is 2020 Question 8 1 pts Roseanne sells her personal automobile for $1,000 in...
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"ear is 2020 Question 8 1 pts Roseanne sells her personal automobile for $1,000 in the current tax year. She purchased the car for $12,000 nine years ago. What are the tax effects of the sale in the current tax year? 1. Roseannc recognizes a deductible loss of $11,000 in her current-year tax return because of the capital recovery concept IL Roseanne recognizes no loss on her tax return because of lack of business purpose with the automobile None of the statements are correct Both statements are correct. Only statement I is correct Only statement Il is correct
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