Matias sold a pickup truck for $15,000 on an installment contract and reported the sale...
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Matias sold a pickup truck for $15,000 on an installment contract and reported the sale in full in the year of sale. When the buyer was in default, Matias repossessed the truck. At the time of repossession, the truck had a FMV of $12,500, the buyer still owed $9,000, and the cost of repossession was $500. What is Matias' gain or loss on the repossession?
No gain or loss.
Gain of $3,000
Gain of $3,500.
Loss of $2,500.
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