Joe purchased a van for $30,000 on February 1, 20X4, for use with his business, Crew Airport
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Joe purchased a van for $30,000 on February 1, 20X4, for use with his business, Crew Airport Transport. Joe elected to take the Section 179 deduction. On January 1, 20X6, Joe sold the van for $20,000. What were the tax effects of this transaction?
a. $10,000 loss
b. $20,000 capital gain
c. $20,000 ordinary gain
d. $10,000 capital gain, $10,000 ordinary gain
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The tax effects of Joes transaction involving the van can be determined by calculating the gain or l...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Individual Income Taxes
ISBN: 9781305393301
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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