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Dan which owns all the Giant corporation stock, purchases a truck from Giant corporation in February. The truck costs $22,000 and has a $20,000 adjusted
Dan which owns all the Giant corporation stock, purchases a truck from Giant corporation in February. The truck costs $22,000 and has a $20,000 adjusted basis at the time of the sale. Dan pays Giant the truck $18,000 FMV. Later in the same year, Dan sells the truck to an unrelated party for $16,000. How much loss can Dan recognize?
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