A Sole Proprietorship Purchased an Asset for $1,000 in 2015

question 81

True/False

A sole proprietorship purchased an asset for $1,000 in 2015 and its value was $1,500 at the end of 2015.In 2016,the sole proprietorship sold the asset for $1,400.The sole proprietorship realized a taxable gain of $400 in 2016 but an economic loss of $100 in 2016.

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Definitions:

Digital Marketspace

An online platform or marketplace where goods and services are bought and sold, leveraging digital technologies.

Traditional Marketplace

A physical market location where goods and services are exchanged between buyers and sellers in a conventional manner.

Virtual Mall

An online marketplace that mimics a traditional shopping mall, allowing users to browse and shop from multiple retailers in a single digital space.

Time Utility

The enhancement of a product's or service's value by making it available at a time that is convenient or desirable for consumers.