Roseanne sells her personal automobile for $1,000 . The car cost her $12,000 nine years ago. What are the tax effects of the current sale?
I. Roseanne recognizes a deductible loss of $11,000 on her current-year tax return due to the capital recovery concept.
II. Roseanne recognizes no loss on her tax return due to lack of business purpose with the automobile
a. Only statement I is correct.
b. Only statement II is correct.
c. Both statements are correct.
d. Neither statement is correct.
b
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