Rebekah sold furniture that she used in her business for $30…
Rebekah sold furniture that she used in her business for $30,000. She bought the furniture a few years ago for $78,000 plus $2000 for delivery costs and sales taxes. She has since correctly claimed $40,000 of depreciation deductions. Assuming that this is Rebekah’s only sale of property during the year, what is the amount and character of Rebekah’s gain (loss) on the sale?
Read DetailsHawthorn Co., a very profitable company, purchased two asset…
Hawthorn Co., a very profitable company, purchased two assets in the current year: a computer (5 year property) and machinery (7 year property). The computer was purchased on January 20 for $15,000, and the machinery was purchased on November 30 for $100,000. Which of the following methods may be available recover the costs of these assets ?
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