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What amount is to be reported in net income

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Question: J sold a diamond ring for $4,000 that she purchased for $600 many years earlier. She also sold a painting for $700 that she had purchased for her living room for $1,400. What amount is to be reported in net income for tax purposes? The response must be typed, double spaced, times new roman, font size 12 and must follow APA format.

Reference no: EM132763079

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