Assume that in problem 37, the United Express Company sells a truck that cost $50,000 in 2021 for $15,000 in June 2024. Assume that none of the truck was expensed in 2021. Compute the adjusted basis of the truck and the gain or loss from the sale.

Data From Problem 37

The United Express Company begins business in August 2021 by purchasing the assets listed in the table below. If United Express elects not to claim bonus depreciation, calculate the maximum MACRS depreciation on the assets.

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Asset Trucks Tractor units Office equipment Cost $588,000 55,000 506,000