Angela sold her personal auto in 2022 for $8,000. She purchased the car for $26,000 in 2015.

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Angela sold her personal auto in 2022 for $8,000. She purchased the car for $26,000 in 2015. She has long-term capital gains of $4,000 from the sale of stock in 2022. What is Angela’s net recognized capital gain or loss in 2022?

a. Gain of $4,000

b. Gain of $1,000

c. Loss of $14,000

d. Loss of $3,000

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Income Tax Fundamentals 2023

ISBN: 9780357719527

41st Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Posted: Feb 28, 2023 05:27 AM

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Angela sold her personal auto in 2022 for $8,000. She purchased the car for $26,000 in 2015.

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Income Tax Fundamentals 2023

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