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Mary Sells Her Personal Use Automobile for $20,000

Question 40

Multiple Choice

Mary sells her personal use automobile for $20,000.She purchased the car two years ago for $17,000.What is Mary's recognized gain or loss? It increased in value due to its excellent mileage plus a safe design.


A) $0
B) $3,000
C) $17,000
D) $20,000

Correct Answer:

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