Assume that in problem 37, the United Express Company sells a truck that cost $60,000 in 2016 for $15,000 in June 2019. Assume that none of the truck was expensed in 2016. Compute the adjusted basis of the truck and the gain or loss from the sale.

In problem 37

The United Express Company begins business in August 2016 by purchasing the assets listed in the table below. Calculate the maximum MACRS depreciation on the assets.

Asset ______________________Cost

Trucks ........................... $ 98,000

Tractor units ...................... 55,000

Office equipment ............... 466,000