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Bill purchased a 20' boat and trailer for $2,500.00. He also purchased a small outboard motor for $500.00. Recently, Bill decided to sell the boat,
Bill purchased a 20' boat and trailer for $2,500.00. He also purchased a small outboard motor for $500.00. Recently, Bill decided to sell the boat, motor and trailer. His friend Sam decided to purchase the boat, and the transaction was completed for $3,500.00. How much did Bill make off of the sale? 35 Is that amount of money considered income for tax purposes? Why or why not
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