Dispositions of Assets Question 6 of 75. Ellen purchased a van for $28,000 to use exclusively in her delivery business. She sold it four months later in the same year for $22,500. What is the amount of gain or loss, and where does Ellen report the sale? $5,500 gain, Form 4797, Part I. $5,500 loss, Form 4797, Part I. $5,500 loss, Form 4797, Part II. O $5,500 loss, Schedule D. Mark for follow up Question 7 of 75. Which convention is used for the year of disposition for a warehouse? Mid-quarter Straight-line. Half-year. Mid-month. Mark for follow up Question 8 of 75. $5,500 loss, Schedule D. Mark for follow up Question 7 of 75. Which convention is used for the year of disposition for a warehouse? O Mid-quarter. O Straight-line. Half-year. Mid-month. Mark for follow up Question 8 of 75. A single taxpayer sold a residential rental building, in 2019, for a gain of $10, placed in service in March 2010. (The sale of land is not included in this ques the current tax year. Before considering the sale, the taxpayer was in the 229 nature of the gain or loss