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Question 25 3 pts Linda is the only daughter of Paul. In 2015, Paul purchased a classic truck that he planned to restore for $12,000,
Question 25 3 pts Linda is the only daughter of Paul. In 2015, Paul purchased a classic truck that he planned to restore for $12,000, but he was too busy with his business so he gave it to Linda in 2019 when the truck's fair market value had declined to $10,000. Paul paid no gift tax on the transaction. Linda decides to complete some of the restoration herself with out-of- pocket costs of 55,000 and sells the truck for $30.000. What is Linda's recognized gain or loss on the sale of the truck? $15.000 $18.000 $13.000 50 None of these
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