Three years ago, Katie remodeled her home. Rather than discarding some shelving units that were in her
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Three years ago, Katie remodeled her home. Rather than discarding some shelving units that were in her home, she moved them to the employee lounge of the business that she owns. Her original cost (basis) in the shelves was $2,500. The fair market value of the shelves when she converted the, to business use was $2,500. Katie has taken depreciation on the shelves of $300. She sold the shelving units this year for $3,600. What is the amount of her basis and the amount of gain or loss recognized on the sale of the shelves?
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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