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1. Norma drives a Toyota Camry as her personal car. She bought the car for $10,000 ten years ago and the current fair market value

1. Norma drives a Toyota Camry as her personal car. She bought the car for $10,000 ten years ago and the current fair market value is $7,000. Calculate the realized and recognized gain or loss if Norma sells the car this year to Miriam for $11,000.

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