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When Craig began his business, he invested his own 2020 Ford pick-up truck into the business. He originally paid $25,000 for the truck and the
When Craig began his business, he invested his own 2020 Ford pick-up truck into the business. He originally paid $25,000 for the truck and the current estimated fair market value is $14,000. The truck will exclusively be used for the business. Craig would like to know how much to record the truck for in the accounting software. Research this and support your answer with an excerpt from the IRS publication citing this reasoning. (Hint: Search Publication 551) When you are working at a small to medium size business, you may be asked questions and may need to research to find the answer. In a separate word document write a short memo (3-4 sentences) to Craig and include at the bottom of your memo a snip of your answer from the IRS Publication. Mention in the memo what Publication you found the answer in and what page is being referenced
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