Gene inherited a late model mercedes benz from his great-aunt last year. the auto was...
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Accounting
Gene inherited a late model mercedes benz from his great-aunt last year. the auto was worth $28,000 when his aunt died, and Gene sold the auto two months later for $30,000. the aunt had purchased the auto three months before her death for $38,000. How much gain (or loss) does gene recognize on this sale?
A) $0
B) $2,000
C) ($10,000)
D) $8000
E) None of the above
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