Question $1$

Laney purchased a boat for $$12,000$ that was worth $$15,000\mathrm{.}00.$ She paid $$2,000$ in cash

and took a loan out for $$1I0,000\mathrm{.}00.$ Laney's gross income for tax purposes is:

Zero

$$3,000\mathrm{.}00.$

$$5,000\mathrm{.}00$

$$15,000\mathrm{.}00$