A Realized Gain on the Sale or Exchange of a Personal

question 4

True/False

A realized gain on the sale or exchange of a personal use asset is recognized, but a realized loss on the sale, exchange, or condemnation of a personal use asset is not recognized.

---

Definitions:

Pollutants

Substances introduced into the environment that cause harm or discomfort to the ecosystem or living organisms, including chemicals, waste materials, and noise.

Foam Insulation

A type of building insulation that is made from various types of foam and is used to reduce heat transfer.

Colourless Gas

A gas that does not have any color visible to the human eye, which can be natural or man-made.

Thermal Inversion Layer

A weather phenomenon where a layer of warm air traps pollution and cooler air beneath it, often leading to poor air quality.