Business, 02.04.2021 01:00 719563mercy

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? Multiple choice question. Bailey has a taxable short-term capital gain of $350 and a deductible long-term capital loss. Bailey has no tax consequences for these transactions because the assets sold were "personal use" assets. Bailey has a taxable short-term capital gain of $350, but no deductible loss for the car. Bailey does not have to pay tax on the game system, but she deductible long-term capital loss.

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Bailey stood in line for hours and purchased the new game system the day it became available for $60...