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If Ricky purchased a $50,000 account receivable for $45,000 last year and during the current year he collected $46,000 on the account, what are the
If Ricky purchased a $50,000 account receivable for $45,000 last year and during the current year he collected $46,000 on the account, what are the tax consequences to Ricky associated with the collection of the account receivable? No subsequent collections are expected.
$4,000 loss
$4,000 gain
$5,000 loss
$5,000 gain
$6,000 gain
$1,000 gain
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