Question
Larsen LLC (single member LLC) had the following items during 2017: Casualty loss on business building held five years ($ 5,000) Loss on sale of
Larsen LLC (single member LLC) had the following items during 2017:
| Casualty loss on business building held five years | ($ 5,000) |
| Loss on sale of machinery held three years | ($4,000) |
| Realized gain on sale of equipment held four years; depreciation taken was $3,000 | $9,000 |
| Net short-term capital loss | ($1,500) |
What is Larsons result for 2017?
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Accounting and auditing research tools and strategies
Authors: Thomas Weirich, Thomas Pearson, Natalie Tatiana
8th edition
9781118806487, 1118027078, 1118806484, 978-1118027073
