Midterm Exam Question 14

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Midterm Exam Question 14

Question

Midterm Exam Question 14

 

Trish sells her personal car for $13,000. The car cost $20,000 so she realizes a $7,000 loss. She may deduct a $3,000 capital loss.

  1. True
  2. False

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This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Midterm Exam