Dana purchases an automobile for personal use for $27,000 . After using it for three years, Dana converts the automobile to business use when the fair market value is $19,000 . After a few months of business use, Dana sells the automobile for $18,000 . What is the amount of gain or loss recognized on the sale of the automobile?

a. No gain or loss
b. $1,000 loss
c. $8,000 loss
d. $9,000 loss
e. $8,000 gain


b

Business

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What will be an ideal response?

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