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A Sole Proprietor Purchased an Asset for $1,000 in 2019

question 29

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A sole proprietor purchased an asset for $1,000 in 2019.Its value was $1,500 at the end of 2019.In 2020, the taxpayer sold the asset for $1,400.In 2020, the proprietor realized a taxable gain of $400 but an economic loss of
$100.


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