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Jack and June are retired and receive $10,000 of social security benefits and taxable pensions totaling...

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Accounting

Jack and June are retired and receive $10,000 of social securitybenefits and taxable pensions totaling $25,000. They have beenoffered $20,000 for an automobile that they restored after theyretired. They did most of the restoration work themselves and thesale will result in a gain of $12,000. What tax issues should Jackand June consider?

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