What is the seller's gain or loss on repossessed property with a fair market value of...
What is the seller's gain or loss on repossessed property with a fair market value of $5,000 on the date of repossession, where the seller's basis is $4,800, and the costs of repossession were $400? Gain of $200. Loss of $100. Loss of $200. No gain or loss.
Homework Answers
Gain (Loss) = Fair market value - Sellers basis - Cost of repossession
= $5,000 - $4,800 - $400
= ($200)
Loss of $200
3rd option
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