Q1-2 Mary purchased a personal-use car for $25,000 in 2019 . This...
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Q1-2
Mary purchased a personal-use car for $25,000 in 2019 . This year, Mary sold the used car for $30,000. What is the amount of Mary's recognized gain or loss? Assume instead that this year Mary sold the used car for $5,000. What is the amount of Mary's recognized gain or loss? Eli inherited stock from his father in 2015. Eli's father's adjusted basis was $50,000 at the time of death, and the fair market value of the stock on the date of death was $700,000 (no alternate valuation date was used). This year, Eli sold the stock to his sister, Sara. What is Eli's recognized gain or loss if he sold the stock to Sara for $800,000? What is Eli's recognized gain or loss if he sold the stock to Sara for $600,000 ? If Sara purchased the stock from Eli for $600,000 and later sells the stock to an unrelated party for $900,000, what is Sara's recognized gain or loss
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