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Question 42 of 75. when personal property is repossessed Only the gain is reported Only the loss is reported The gain or loss, and any
Question 42 of 75. when personal property is repossessed Only the gain is reported Only the loss is reported The gain or loss, and any bad debt is reported. The gain or loss is reported, but not bad debe D Mark for follow up Question 43 of 75. Carmelita originally sold her home for $140,000 when her adjusted basis in the home was $100,000. Two years late repossessed the home when the balance of the note was $125,000. She resold it within one year for $150,000. Or sale expenses were $3,050, and resale expenses were $3,250. Repossession costs were $1,975. She incurred 52 improvements prior to the resale. What is Carmelita's recomputed adjusted basis? $100,000 Q$102,300 O $110,575 $125,000 Mark for follow up Question 44 of 75. Generally, the recomputed adjusted basis of a repossessed residence is determined by the adjusted the monte made prior to the repossession
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