Question
Carl purchases two cars in 2015.  A Corvette for $50,000 and a Honda for $30,000.  Both cars were used solely for personal purposes.  During the current year, he sold the Corvette for $55,000 and the Honda for $20,000.  How much gain or loss will he report for these two transactions?
Group of answer choices
A.$5,000 gain
B.$5,000 loss
C.No gain or loss
D.$10,000 loss

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