Calculate the realized and recognized gain or loss

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Reference no: EM13134287

Sara owns an automobile for personal use. The adjusted basis is $14,000 and the FMV is $12,500. Sara has owned the car for two years.

a. Calculate the realized and recognized gain or loss if Sara sells the vehicle for $12,500.

b. Calculate the realized and recognized gain or loss if Sara sells the vehicle for $15,000

Reference no: EM13134287

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