FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

in 2016, Shari purchased a $20,000 piece of equipment for exclusive use in her business. she claimed a $6000 179 deduction and $6654 MACRS depreciation.

in 2016, Shari purchased a $20,000 piece of equipment for exclusive use in her business. she claimed a $6000 179 deduction and $6654 MACRS depreciation. she sold the equipment in November 2018 for $7000. what is the amount and type of gain or loss and where on form 4797 does Shari report the sale?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Lending Investments And The Financial Crisis

Lending Investments And The Financial Crisis

Authors: Elena Beccalli, Federica Poli

1st Edition

1349564982, 978-1349564989

More Books

Students also viewed these Finance questions

Question

★★★★★
Watson Township plans to build an auditorium. The plans were drawn for $ 100,000 by an architect who will complete the plans and bill the city after the bonds are issued. The township accepted a bid...

Answered: 1 week ago

Question

★★★★★
2. On January 1, 2016 A has 1,000 issued voting shares. On February 1, 2016 A acquires 100% of B from B's shareholders in exchange for 1,500 A voting shares. Who is the acquirer in this business...

Answered: 1 week ago

Question

★★★★★
=+3. Hunter and Hunter (1984) report that ability measures such as IQ are better predictors of job performance than are academic grades. Why might this be? A potentially relevant fact is that the...

Answered: 1 week ago

Question

★★★★★
Using your data from Problem, calculate the portfolio standard deviation. In problem Beginning Value ($) 50,000.00 55,000.00 58,000.00 65,000.00 Year Ending Value ($) 55,000.00 58,000.00 65,000.00...

Answered: 1 week ago

Question

★★★★★
in 2016, Shari purchased a $20,000 piece of equipment for exclusive use in her business. she claimed a $6000 179 deduction and $6654 MACRS depreciation. she sold the equipment in November 2018 for...

Answered: 1 week ago

Question

★★★★★
For each the following accounts, indicate (a) if the account is an asset, liability, or owner's equity account; and (b) whether the account would have a normal debitor credit balance. (a) (b) Account...

Answered: 1 week ago

Question

★★★★★
125. Suppose that people finally realize that they must save a larger proportion of their income in order to retire and that they simultaneously begin to use new technology that allows them to reduce...

Answered: 1 week ago

Question

★★★★★
Mandatory Border Operations meetings are conducted for all employees in the Border Protection Unit every Monday. Employees are not permitted to telework on days when Border Operations meetings are...

Answered: 1 week ago

Question

★★★★★
A small southern West Australian country town has maintained records showing that the daily maximumtemperature during summer (Dec.,Jan.,Feb.) has averaged 30 degree Celsius with a standard deviation...

Answered: 1 week ago

Question

★★★★★
Develop a comprehensive analysis that identifies threats and vulnerabilities to the information systems infrastructure and organizational data. You may use a fictitious company, one that you...

Answered: 1 week ago

Question

★★★★★
Samstreet, Inc went public by issuing 1 million shares of common stock at $25 per share. The shares are currently trading at $30 per share. Current risk free rate is 4%, market risk premium is 8% an...

Answered: 1 week ago

Question

★★★★★
Employ effective vocal cues Employ effective visual cues

Answered: 1 week ago

Question

★★★★★
3 Might there be some middle ground? Could you adjust the topic to focus on verifiable facts? For example, you could investigate whether banning dogs would lower the insurance premiums paid by the...

Answered: 1 week ago

Question

★★★★★
Clearly transitions help to clarify messages and keep them flowing in oral and written forms of communication. But do transitions function similarly in mediated communication contexts? For example,...

Answered: 1 week ago

Previous Question Next Question