12

Question 12 (1 point) Tom converts his personal truck to business use in the current year. He purchased the truck two years ago for $27,000. On the date of conversion, the fair market value of the truck was $22,000. Tom takes $13,000 of depreciation on the vehicle over the next two years and sells it for $15,000 at the end of that period. What is Tom's gain or loss on the sale? a $1,000 gain a $6,000 gain Ono gain or loss a $7,000 loss Question 13 (1 point) Clyde made five sales of investment securities during the current year. Two sales produced short-term gains of $1,000 and $3,000 respectively. Three sales were long-term and produced a loss of $15.000, a loss of $5,000, and a gain of $16.000 respectively