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Identify the relevant tax issues Ron faces

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Problem - Ron sold his sailboat for a $5,000 loss in the current year because he was diagnosed with skin cancer. His spouse wants him to sell his Harley-Davidson motorcycle because her brother broke his leg while riding his motorcycle. Because Ron no longer has anyone to ride with, he is seriously considering his wife's advice.

Because the motorcycle is a classic model, Ron has received two offers. Each offer would result in a $5,000 gain. Joe would like to purchase the motorcycle before Christmas, and Jeff would like to purchase it after New Year's. Identify the relevant tax issues Ron faces in making his decision.

Reference no: EM132659654

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