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Brian purchased two automobiles for personal use. Automobile 1 had an adjusted basis of $20,000, and automobile 2 had an adjusted basis of $10,000. In the current year, Brian sold automobile 1 for $15,000 and automobile 2 for $15,000. What gain or loss should Brian recognize on the sales of the automobiles g

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Tundexi

Answer:

Automobile 1, Loss of $5,000

Automobile 2, Gain of $5,000

Explanation:

Calculation of gain or losses on sale of Automobile 1

Sale value of Automobile 1                  $15,000

Less: Adjusted Basis of Automobile 1 $20,000

Loss on sale of Automobile 1              $5,000

Calculation of gain or losses on sale of Automobile 2

Sale value of Automobile 2                     $15,000

Less: Adjusted Basis of Automobile 2    $10,000

Gain on sale of Automobile 2                 $5,000

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