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Gene Purchased an SUV for $45,000 Which He Uses 100

question 188

True/False

Gene purchased an SUV for $45,000 which he uses 100% for personal purposes. When the SUV is worth $30,000, he contributes it to his business. The gain basis is $45,000, the loss basis is $30,000, and the basis for cost recovery is $45,000.

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Definitions:

Race

A social construct used to categorize and divide people into groups based on physical characteristics, ancestry, historical affiliation, or shared culture.

Ethnicity

Identifying with, or being identified as part of a group that shares cultural, linguistic, or ancestral heritage.

Affirmative Action

Policies or measures intended to improve opportunities for historically underrepresented or marginalized groups in education, employment, and beyond.

Social-structural Conditions

The overarching framework and organizing patterns of society that influence individual and group behaviors, opportunities, and social relationships.

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