Tina owns a truck costing 20000 and used for personal, Ask an Expert

Accounting

Tina owns a truck costing $20,000 and used for personal activities. The truck has a $9,600 FMV when it is transferred to her? business, which is operated as a sole proprietorship.

a) What is the basis of the truck for determining depreciation?

b) What is Tina?'s realized gain or loss if the truck is sold for $4,000 after claiming depreciation of $4,000??

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91524288

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