Mary sells her personal use automobile for $25,000. She purchased the car two years ago...
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Accounting
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Mary sells her personal use automobile for $25,000. She purchased the car two years ago for $32,000. What is Marys allowable loss deduction?
$12,000
$7,000
$3,000
zero
None of the above
Mary sells her personal use automobile for $25,000. She purchased the car two years ago for $32,000. What is Marys allowable loss deduction?
| $12,000 | ||
| $7,000 | ||
| $3,000 | ||
| zero | ||
| None of the above |
QUESTION 67
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All other things being equal, as closing inventory up gross profit goes down.
True
False
QUESTION 68
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If John holds stock of Acme Corporation which increases in value by $4,000 during the tax year 2020, he will have to report a $4,000 gain realized on his tax return for the year 2020.
True
False
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