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What is the soller's gain or loss on repossessed personal property with a fair market value of 56,000 on the date of repossession, where the

image text in transcribed What is the soller's gain or loss on repossessed personal property with a fair market value of 56,000 on the date of repossession, where the seller's basis is $5,800, and the costs of repossession were $5007 O No gain or loss. Loss of $200. Loss of $300. O Gain of $300

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