Complete the Form 4797.

Lavender Manufacturing, LLC has decided to upgrade it's equipment for the newest technology.  The old equipment is in very good condition.  By using a broker, they were able to get a good price for some of the old equipment.  Data on this equipment disposition are as follows:

 

Asset           Cost            Date Acqu'rd       Accum Dep      Sales price      Date sold

Grinders     $1,500,000      12/11/16         $500,000         $900,000        05/01/20

Planters       $  400,000      03/17/17        $250,000         $  75,000        04/25/20

Welders      $2,000,000      07/21/19        $2,000,000       $1,500,000     09/01/20

 

The company used the 100% bonus depreciation in 2019 for the welders.  This DOES NOT change anything on the Form 4797!

Answer rating: 100% (QA)

Instructions Complete Form 4797 Sales of Business Property for Lavender Manufacturing LLC Answer Part 1 Part I of Form 4797 is used when a taxpayer has sold or exchanged business property during the t... View the full answer