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    Exam 13: Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges-Part 1
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    Katie Sells Her Personal Use Automobile for $15,000
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Katie Sells Her Personal Use Automobile for $15,000

Question 149

Question 149

Multiple Choice

Katie sells her personal use automobile for $15,000.She purchased the car four years ago for $31,000.What is Katie's recognized gain or loss?


A) $0.
B) $15,000.
C) ($16,000) .
D) ($31,000) .
E) None of the above.

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