Rose would like to know the tax consequences of selling her car which she purchased...
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Accounting
Rose would like to know the tax consequences of selling her car which she purchased for $22,000 four months ago and has used exclusively for personal use. She has been disappointed with its performance. Based on the Blue Book value, she anticipates that she can sell it for $20,000 to $23,000. Roses objectives are to minimize the recognition of any realized gain and to maximize the recognition of any realized loss.
Based on the foregoing facts, what would you advise Rose to do with regard to the transactions?
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