Three Years Ago, Suzanne Bought a New Personal Automobile for $26,900

question 29

Multiple Choice

Three years ago, Suzanne bought a new personal automobile for $26,900. This year, she sold it for $19,000. What is the amount and character of Suzanne's recognized loss?

• A) No loss recognized on the sale of a personal asset.
• B) $26,900 long-term capital loss.
• C) $7,900 ordinary loss.
• D) $7,900 long-term capital loss.

---

Definitions:

Early Maturing Male

Refers to boys who reach puberty ahead of their peers, experiencing physical and hormonal changes sooner than expected.

Reckless

Characterized by a lack of regard for the danger or consequences of one’s actions; often implies a bold disregard for safety.

Less Responsibility

The condition or quality of having fewer duties, obligations, or burdens.

Kübler-Ross Theory

A theory that describes the five stages of grief that a person goes through when dealing with the imminent death of oneself or a loved one: denial, anger, bargaining, depression, and acceptance.