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Larry buys a car for $16,000. The fair market value of the car when purchased...

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Accounting

Larry buys a car for $16,000. The fair market value of the car when purchased is $18,500, but Larry was able to negotiate the price down.

Does Larry have any Gross Income from this transaction?

Does your answer change if Larry traded a $16,000 acre of land for the car?

Does your answer change if Larry traded a Bitcoin worth $16,000 for the car?

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