In 2019, Anne sold a drill press that he had used in his woodshop business for three
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Question:
In 2019, Anne sold a drill press that he had used in his woodshop business for three years. Anne had purchased the press for $10,000 and had deducted depreciation of $7,120 using the MACRS method. Straight-line depreciation would have been $5,000.
Consider the appropriate treatment if the drill press is sold for $12,000 and $1,000.
what amount of the gain or loss is recaptured as ordinary income?
Related Book For
South Western Federal Taxation 2014 Comprehensive Volume
ISBN: 9781285180922
37th edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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