C purchased two cars in 2012, a Corvette for $40,000 and a Buick for $20,000. Both cars were used solely for personal purposes. During the year, C sold the Corvette to a car collector for $45,000 and the Buick for $17,000. Based on these two transactions, he will report

Question 12 options:

	A gain for $2,000
	A gain of $5,000
	A gain of $5,000 and a loss of $3,000
	No gain or loss.