Dana Purchases an Automobile for Personal Use for $27,000

question 74

Multiple Choice

Dana purchases an automobile for personal use for $27,000. After using it for three years, Dana converts the automobile to business use when the fair market value is $19,000. After a few months of business use, Dana sells the automobile for $18,000. What is the amount of gain or loss recognized on the sale of the automobile?

• A)No gain or loss
• B)$1,000 loss
• C)$8,000 loss
• D)$9,000 loss
• E)$8,000 gain

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Definitions:

Suicide Rates

The number of suicide deaths in a given population and time period, often expressed per 100,000 individuals per year.

Interpersonal Therapy

A short-term form of psychotherapy that focuses on improving interpersonal relationships and communication patterns to alleviate mental health issues.

Antidepressant Medication

Drugs prescribed to relieve symptoms of depression by adjusting the levels of neurotransmitters in the brain.

Anomic Suicide

A concept developed by Emile Durkheim describing a type of suicide that occurs when an individual feels disconnected from society's norms and values.