Tax Drill - Realized vs. Recognized Gains and Losses Complete the following statements regarding gains and losses, gain is the amount of the gain that is included in the taxpayer's gross income, A loss, on the other hand, is the amount of a loss that is deductible for tax purposes. A loss from the sale, exchang dso condemnation of personal use assets is generally for tax purposes. Any gain from the sale or other disposition of personal use assets is generally Complete the following statements regarding gains and losses. gain is the amount of the gain that is included in the taxpayer's aross income. A loss, on the other hand, is the amount of a loss that is deductible for tax purposes. axchange, or condemnation of personal use assets is generally for tax purposes, Any gain I the sale or other disposition of personal use assets is generally Complete the following statements regarding gains and losses. gain is the amount of the gain that is included in the taxpayer's gross income. A loss, on the other hand, is the amount of a loss that is deductible for tax purposes. A loss from the sale, exchange; or condemnation of personal use assets is generally| the sale or other disposition of personal use assets is generally Complete the following statements regarding gains and losses. gain is the amount of the gain that is included in the taxpayer's gross income. A loss, on the other hand, is the amount of a loss that is deductible for tax purpeses. A loss from the sale, exchange, or condemnation of personal use assets is generally the sale or other disposition of personal use assets is generally