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Larry is the sole proprietor of a trampoline shop. During 2016, the following transactions occurred: Larry sold a Buick on May 1 for $9,600. The

Larry is the sole proprietor of a trampoline shop. During 2016, the following transactions occurred:

Larry sold a Buick on May 1 for $9,600. The vehicle had been used exclusively for personal purposes. It was purchased on September 1, 2012, for $20,800.

what are the amount and nature of recognized gain or loss?

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