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Maddie owns an automobile for personal use. The adjusted basis is $19,560, and the FMV is $16,030. Assume Maddie has owned the automobile for two

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Maddie owns an automobile for personal use. The adjusted basis is $19,560, and the FMV is $16,030. Assume Maddie has owned the automobile for two years Required: a. Respond to the following if Maddie sells the vehicle for $16,030. 1. What is the amount of realized gain or loss on the sale? 2. What is the amount Madidie will recognize on her Form 1040? b. Respond to the following if Maddie sells the vehicle for $20,090. 1 What is the amount of realized gain or loss on the sale? 2. What is the amount Maddie will recognize on her Form 1040? Complete this question by entering your answers in the tabs below. a1. Respond to the following if Maddie sells the vehicle for $16,030. What is the amount of realized gain or loss on the sale? Note: Negative amounts should be indicated by a minus sign. b1. Respond to the following if Maddie selis the vehicle for $20,090. What is the amount of realized gain or loss on the sale

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