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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
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.
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