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Mike sold equipment he is no longer using in his business at a loss of $ 4 , 0 0 0 , and he sold
Mike sold equipment he is no longer using in his business at a loss of $ and he sold investments at a loss of $ Mike had no other sales of property in the current year. What are the tax implications of these losses to Mike?
Multiple choice question.
Deduct $ of the loss on equipment and $ of the loss on investment in the current year. The remaining losses are carried forward.
Deduct both losses in their entirety in the current year.
Deduct the $ loss on equipment but not the $ investment loss as this is considered a personal asset.
Deduct the $ loss on equipment and $ of the loss on investment in the current year. The remaining investment loss is carried forward.
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