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. a. Recognized and realized gain of $1,000 b. Recognized and realized gain of $4,000 c. Recognized gain of $0 but realized gain of $1,000 d. Recognized gain of $4,000 but realized gain of $0