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Please fill in the blanks! Bob sold the following assets in the current year: A piece of furniture purchased for $900 and sold for proceeds

image text in transcribedPlease fill in the blanks!

Bob sold the following assets in the current year: A piece of furniture purchased for $900 and sold for proceeds of $750. A car (for his personal use) originally purchased for $4,000 and sold for proceeds of $1,500. A gold chain with a cost of $800 was sold for proceeds of $1,500. Required: What is Bob's tax impact of the sale of assets? Solution

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