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What is Bob tax impact of the sale of assets

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Reference no: EM133057922

Question - Bob sold the following assets in the current year:

- A piece of furniture purchased for $900 and sold for proceeds of $750.

- A car (for his personal use) originally purchased for $4,000 and sold for proceeds of $1,500.

- A gold chain with a cost of $800 was sold for proceeds of $1,500.

Required - What is Bob's tax impact of the sale of assets?

Reference no: EM133057922

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