Frank Willingham has the following transactions during the year: Sale of office equipment on March 15 that

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Frank Willingham has the following transactions during the year: Sale of office equipment on March 15 that cost $20,000 when purchased on July 1, 2010. Frank has claimed $5,000 in depreciation and sells the asset for $13,000 with no selling costs.
Sale of land on April 19 for $120,000. The land cost $130,000 when purchased on February 1, 2002. Frank's selling costs are $5,000.
Assume there were no capital improvements on either business asset sold. Frank's Social Security number is 924-56-5783. Complete Form 4797 on pages 8-47 and 8-48 to report the above gains or losses.
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Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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