Tracy owns a non-depreciable capital asset she has held for, Ask an Expert

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Tracy owns a non-depreciable capital asset she has held for investment. She purchased the asset for $240,000 six years ago, and it is now subject to a $74,000 liability. During the current year, Tracy sells the asset to John in exchange for $93,000 cash and a new automobile with a fair market value of $51,000 to be used by Tracy for personal use. John assumes the $74,000 liability. Calculate the amount of Tracy's Long Term Capital Gain or her Long Term Capital Loss on this sale.

Can you show how you reached the calculation? I can't seem to get it right, and I want to fully understand.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91638516

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