Wally sells the auto he used 80 percent for business and 20 percent for personal use annually

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Wally sells the auto he used 80 percent for business and 20 percent for personal use annually for $6,000. He purchased the car four years ago for $20,000. If used 100 percent for business, he would have claimed $16,000 in depreciation. What is his gain or loss on the sale of the auto and how is it classified?
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Taxation For Decision Makers 2017

ISBN: 9781119330417

7th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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