11) Jill purchased a printing press for her business on 6/15/21 costing $60,000. The installation cost $2,000 and the sales tax was $5,000. What is Jill's basis in the equipment?

12) Using the info in question 11, what is the amount of depreciation for 2021?

13) Using the info from questions 11 and 12, if Jill sells the printing press on 7/2/22 , what is the adjusted basis on the date of the sale ?

14) Using the info from questions 11,12 and13 What is the gain or loss on the sale of the printing press if she sells it for $40,000?

Answer rating: 100% (QA)

Cost of Equipment as on 15062021 60000 2000 5000 67000 Purchase Cost Ad... View the full answer