Question
Determination of Gain or Loss $100,000 asset, sold for $60,000 in year 3 Assume 5 year life/half-year convention; elect $40,000 Section 179 depreciation; not to
Determination of Gain or Loss
$100,000 asset, sold for $60,000 in year 3
Assume 5 year life/half-year convention; elect $40,000 Section 179 depreciation; not to take bonus depreciation
What is the realized gain/loss of selling the property?
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| Year 1 | Year 2 | Year 3 |
| Beginning Basis | 100,000 |
|
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| Section 179 Depreciation | (40,000) |
|
|
| MACRS |
|
|
|
| Adjusted Basis |
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|
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The Auditor Quo Vadis
Authors: Mervyn King, Linda De Beer
1st Edition
1138496774, 978-1138496774
