What is the effect on jasons taxable income
Problem
Jason enjoys restoring antique furniture. Last year, he acquired six pieces at a cost of $300 each. He was able to restore the furniture and sell them for total proceeds of $9,600. What is the effect on Jason's taxable income?
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He was able to restore the furniture and sell them for total proceeds of $9,600. What is the effect on Jason's taxable income?
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