Irene owns a truck costing $15,000 and used for personal activities. The truck has a $9,600 FMV
Question:
Irene owns a truck costing $15,000 and used for personal activities. The truck has a $9,600 FMV when it is transferred to her business, which is operated as a sole proprietorship.
a. What is the basis of the truck for determining depreciation?
b. What is Irene’s realized gain or loss if the truck is sold for $5,000 after claiming depreciation of $4,000?
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Muhammad Umair
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Related Book For 
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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