On december 31 2011 henry a sole proprietor sold for 65000, Ask an Expert

Accounting

On December 31, 2011, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. For the year 2011, how should this gain be treated?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9414706

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