Problem 7-15 (LO. 1, 2, 3) Nicky receives a car from Sam as a gift. Sam paid $48,000 for the car. He had used it for business purposes and had deducted $10,000 for depreciation up to the time he gave the car to Nicky. The fair market value of the car is $33,000 a. If Nicky uses the car for business purposes, what is her basis for depreciation? 38,000 Feedback Check My Work b. Assume that Nicky deducts depreciation of $6,500 and then sells the car for $32,500. What is her recognized gain or loss? Her recognized gain is $ Feedback Check My Work Partially correct c. Assume that Nicky deducts depreciation of $6,500 and then sells the car for $20,000. What is her recognized gain or loss? Her recognized loss is $