Complete the following statements regarding gains and losses. Gain is the amount of the gain that is included in the taxpayer's gross income. A loss, on the other hand, is the amount of a loss that is deductible for tax purposes. A loss from the sale, exchange, or condemnation of personal use assets is generally for tax purposes. Any gain from the sale or other disposition of personal use assets is generally .

1. Recognized

2. Realized.

3. Recognized.

4. Realized.

5. Non-deductible.

6. Taxable.

Explanation:

Recognized gain is the amount of the realized gain that is included in the taxpayer's gross income. A recognized loss, on the other hand, is the amount of a realized loss that is deductible for tax purposes. A loss from the sale, exchange, or condemnation of personal use assets is generally non-deductible for tax purposes. Any gain from the sale or other disposition of personal use assets is generally taxable.

The gain an taxpayer (individual or business entity) realizes from the disposition or sales of an asset is known as the realized gain.

Also, you should note that when an asset is sold for an amount which is greater than its purchase or cost price (original amount paid for acquisition), it is known as recognized gain. For instance, if you purchased a share of stocks at $100 and sold it for $150, you have earned a recognized gain of $50.

On the other hand, when an asset is sold for an amount which is less than its purchase or cost price (original amount paid for acquisition), it is known as recognized loss.

However, if the realized gain or loss is not recognized upon the sale of an asset or property it is generally known as a non-recognition of gain or loss. Some examples of non-recognition of gain are installment sales, involuntary conversions etc.

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