Sold a delivery truck on September 23, 2023 for $35,000. The truck had originally been purchased on May 1, 2023 for $33,400. Depreciation taken for book purposes was $7,000. Depreciation taken for tax purposes was $9,350. How is this reported in form 4794 and what part? 

Answer rating: 100% (QA)

Form 4797 is used to report the sale of business property including the sale of a delivery truck In this case you would report the sale of the truck o... View the full answer