Katie Sells Her Personal Use Automobile for $12,000

question 213

Multiple Choice

Katie sells her personal use automobile for $12,000. She purchased the car three years ago for $25,000. What is Katie's recognized gain or loss?

• A) $0
• B) $12,000
• C) ($13,000)
• D) ($25,000)
• E) None of the above

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Definitions:

Leadership Positions

Roles within an organization or group that involves guiding, directing, and influencing others towards achieving collective goals.

Dominant Position

A situation in which a person or entity has greater power, influence, or control within a particular context or market.

Evidence of Expertise

Demonstrable knowledge or skills in a particular area, showing someone's capacity or proficiency.

Making Good Decisions

The process of choosing the best option from a set of alternatives based on rational analysis and judgment.