Four years ago, a self-employed taxpayer purchased office furniture for $30,000. During the current tax year, the
Fantastic news! We've Found the answer you've been seeking!
Question:
Four years ago, a self-employed taxpayer purchased office furniture for $30,000. During the current tax year, the taxpayer sold the furniture for $37,000. At the time of the sale, the taxpayer's depreciation deductions totaled $20,700. What part of the gain is taxed as long-term capital gain?
A. $0
B. $7,000
C. $27,700
D. $20,700
Related Book For
Posted Date: