True/False
A sole proprietorship purchased an asset for $1,000 in 2018 and its value was $1,500 at the end of 2018. In 2019, the sole proprietorship sold the asset for $1,400. The sole proprietorship realized a taxable gain of $400 in 2019 but an economic loss of $100 in 2019.
Correct Answer:
Verified
Correct Answer:
Verified
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