Khalid Sells Two Personal Use Assets During the Taxable Year

question 145

Multiple Choice

Khalid sells two personal use assets during the taxable year. A gain of $6,000 is realized on the sale of one asset and a loss of $2,000 is realized on the sale of the other asset. What is the recognized gain or loss?

• A)$0.
• B)$4,000.
• C)$6,000.
• D)($2,000).
• E)None of the above.

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the true profitability of an enterprise.

Demand Schedule

A table that lists the quantity of a good that consumers are willing and able to purchase at various prices.

Marginal Revenue

The additional income earned by selling one more unit of a good or service.

Product Differentiation

The act of setting a product or service apart from others in order to increase its appeal to a designated target market.