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Four years ago, at the beginning of her college career, Tammy, a trust fund baby, bought a new car for herself for $40,000. Now that
Four years ago, at the beginning of her college career, Tammy, a trust fund baby, bought a new car for herself for $40,000. Now that shes about to gradu-ate and since shes planning to move to France immediately thereafter, Tammy sells that car for $19,000. What advice do you give Tammy as to what she should anticipate reporting on her 2020 tax return with respect to this sale?
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