Question: Paragraph Question Completion Status 3 WORDS POWERED BY TINY P QUESTION 33 Ron purchased a small bus for use in his airport transit business in

Paragraph Question Completion Status 3 WORDS POWERED BY TINY P QUESTION

Paragraph Question Completion Status 3 WORDS POWERED BY TINY P QUESTION 33 Ron purchased a small bus for use in his airport transit business in July, 2019. The cost of the bus was $55,000, and it has a 5 year class life for depreciation. He did not take Section 179 or bonus depreciation. In 2020 he sold the vehicle for $40,000. a. Calculate the amount of gain or loss realized on the sale of the bus. b. What is the character of the gain or loss? Use the MACRS tables provided. MACRS Table.pdf For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI S Paragraph Arial IM 14px O WORDS POWERED BY TINY QUESTION 34 Click Save and Submit to save and submit. Click Save All Answers to save all answers

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