Repossessions Question 12 of 15. Choose the response that correctly states the amount of a seller's gain or loss on repossessed property with a fair market value of S104,000 on the date of repossession. The seller's basis is $105,000, and the costs of repossession were $1.600 Gain of $1.000 Loss of $1,000 Loss of $1,600 Loss of $2,600 Mark for follow up Question 13 of 15. What is the seller's gain or loss on repossessed property with a fair market value of $17,000 on the date of repossession, where the seller's basis is $13,000, and the costs of repossession were $500? O No gain or loss. Loss of $500 Gain of $500 Gain of $3,500 Mark for follow up Question 14 of 15. What is the seller's gain or loss on repossessed property with a fair market value of $10,000 on the date of repossession, where the seller's basis is $8,500, and the costs of repossession were $300? Gain of $1,200 Gain of $1,800 Loss of $300 No gain or loss