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18 November, 22:04

Bailey stood in line for hours and purchased the new game system the day it became available for $600. Knowing that there was a high demand for the game system and a limited supply, she decided to put the item on E-bay rather than keep it. She sold it for $950. She also sold her five-year old car for $5,000. She had purchased the car for $13,000. What is the taxable nature of these transactions?

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  1. 19 November, 00:17
    0
    Um don't know sorry, isn't this I-ready?
  2. 19 November, 01:39
    0
    the correct answer is

    Bailey has a taxable short-term gain of $350, but no deductible loss for the car.

    good luck
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