MACRS (LO. 6)

The United Express Company begins business in August 2020 by purchasing the assets listed in the table below.

Asset		MACRS		Cost
Trucks		5-year life; mid-year convention		$588,000
Tractor units		3-year life; mid-year convention		55,000
Office equipment		7-year life; mid-year convention		466,000

The United Express Company sells, in June 2023, one of the trucks with a cost of $50,000 for $15,000. Assume that none of the truck was expensed in 2020.

Refer to the MACRS Depreciation Tables to answer the following questions.

The adjusted basis of the truck is $____________ which results in a gain of $_____________ from the sale.