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Alicia owns a boat that cost her $10,000. The boat's FMV is now $6,000. She transfers the boat to her new business and begins to
Alicia owns a boat that cost her $10,000. The boat's FMV is now $6,000. She transfers the boat to her new business and begins to depreciate it. Alicia later sells the boat for $14,000 after taking $2,000 of depreciation. What is her gain or loss on the sale?
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