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4. 6 points In 2010, Rodney purchased a new hay bailer for $50,000 to use on his farm. He sold the hay bailer this year

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4. 6 points In 2010, Rodney purchased a new hay bailer for $50,000 to use on his farm. He sold the hay bailer this year for $40,000. He tells you that he prepared his taxes for the previous years and never "claimed" any depreciation on his tax return for this equipment. Therefore, he thinks he will have no income to report on this transaction. Evaluate his thoughts

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