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.

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Definitions:

Cranial Cavity

A space within the skull that houses the brain and other structures such as blood vessels and nerves.

Caudal

Located near or at the tail end of an animal's body.

Apex

The uppermost part of something, often referring to the tip, peak, or summit.

Cilia

Microscopic, hair-like structures on the surface of cells that move rhythmically to propel substances or cells.