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16 April, 00:46

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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Answers (2)
  1. 16 April, 00:52
    0
    Um don't know sorry, isn't this I-ready?
  2. 16 April, 01:05
    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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Home » Business » 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.
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