Alex begins using his automobile for business purposes in his new job. The automobile cost...
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Accounting
Alex begins using his automobile for business purposes in his new job. The automobile cost $25,000 and has a fair market value of $9,000 on the date of the conversion to business use.
a. Alex has a split basis in the automobile. The basis for computing gain is $____ . The basis for computing loss is $____ .
b. Alex's basis for computing depreciation is $ ____.
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