Problem 7-47 (LO 7-4) Brantley owns an automobile for personal use. The adjusted basis is...
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Problem 7-47 (LO 7-4) Brantley owns an automobile for personal use. The adjusted basis is $15,750, and the FMV is $12,200. Assume Brantley has owned the automobile for two years. Required: a. Respond to the following if Brantley sells the vehicle for $12,200. (1) What is the amount of realized gain or loss on the sale? (2) What is the amount Brantley will recognize on his Form 1040? b. Respond to the following if Brantley sells the vehicle for $17,600. (1) What is the amount of realized gain or loss on the sale? (2) What is the amount Brantley will recognize on his Form 1040? Complete this question by entering your answers in the tabs below. Req al and b1 Req a2 and b2 a(1) Respond to the following if Brantley sells the vehicle for $12,200. What is the amount of realized gain or loss on the sale? b(1) Respond to the following if Brantley sells the vehicle for $17,600. What is the amount of realized gain or loss on the sale? Amounts a(1) b(1)
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