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Jack purchased a $150,000 truck for his business. He recently sold it for $75,000 while having a $50,000 book value. Assume Jack is in the

Jack purchased a $150,000 truck for his business. He recently sold it for $75,000 while having a $50,000 book value. Assume Jack is in the 35% tax bracket. What is the gain/loss he took on the truck? How would it be taxed (how much to ordinary income and how much capital gain/ loss)

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