Refer to problem 53.problem Alex uses the automobile for 3 years and then sells it.problem During this
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Question:
Refer to problem 53.problem Alex uses the automobile for 3 years and then sells it.problem During this period, he properly deducts a total of $3,600 in depreciation.problem What is Alexs gain or loss on the automobile if he sells it for
a.problem $4,000?
b.problem $23,000?
c.problem $9,000?
Problem 53
Alex begins using his automobile for business purposes in his new job.problem The auto cost $25,000 and has a fair market value of $9,000 on the date of the conversion to business use.problem
a.problem What is Alexs initial basis in the automobile? Explain.problem
b.problem What is Alexs basis for computing depreciation on the automobile? Explain.problem
Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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