9. LO.1 Howard buys wrecked cars and stores them on his property. Recently, he purchased a 1991...

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9. LO.1 Howard buys wrecked cars and stores them on his property. Recently, he purchased a 1991 Ford Taurus for $400. If he can sell all of the usable parts, his total proceeds from the Taurus will be over $2,500. As of the end of the year, he has sold only the radio for $75, and he does not know how many, if any, of the remaining parts will ever be sold. What are Howard’s Federal income tax issues?

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