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Question:

Jake purchased a $205,000 crane for his construction business. He sold the crane for $150,000 after taking $115,000 of depreciation. Assume Jake is in the 33% tax rate bracket.

a. On what form would the gain or loss originally be reported? Form

b. What is the amount of gain or loss on the sale? $

c. What amount of the gain or loss is subject to ordinary tax rates? $

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M91220196

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