During the Year, Daniel Sells Both of His Personal Vehicles

question 19

Multiple Choice

During the year, Daniel sells both of his personal vehicles. On January 10, he realizes a $9,000 loss on the sale of the first car. On April 5, he realizes a $1,000 gain on the sale of the second car. Assume Daniel's salary for the year is $50,000, and he has no other income. What is Daniel's Adjusted Gross Income?

• A)$40,000
• B)$41,000
• C)$42,000
• D)$50,000
• E)$51,000

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Definitions:

Private Property

The legal right that allows individuals to own, use, and transfer objects, land, and intellectual property.

Resource's Current Price

The current market price at which a specific resource is traded.

Extraction

The process of removing or obtaining a substance from a mixture or compound by chemical or physical means.

Marine Animal

An organism that lives in saltwater environments, ranging from microscopic plankton to large mammals like whales.