Noelle received dining room furniture as a gift from her friend, Jane. Jane’s adjusted basis was $9,200 and the fair market value on the date of the gift was $7,000. Noelle decided she did not need the furniture and sold it to a neighbor six months later for $6,500. What is her recognized gain or loss?
A. $0
B. ($500)
C. ($2,700)
D. $6,500
Answer: A
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Which of the following statements is true about the Pension Benefit Guaranty Corporation (PBGC)?
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