Exercise 3-22 (Algorithmic) (LO. 8) Rebecca sells her personal scooter for $1,500. She purchased the scooter for $1,800 three years ago. She also sells a painting for $2,592 that she acquired five years ago for $2,160. What are the tax implications of these sales? Rebecca has a $ realized loss on the scooter and a s realized gain on the painting. Rebecca will recognize the gain or loss associated with only the painting Feedback Check My Work When property is sold or otherwise disposed of, gain or loss may result. Such gain or loss has an effect on the income tax position of the party making the sale or other disposition when the realized gain or loss is recognized for tax purposes.