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Carrie owns a truck costing $13,000 and used for personal activities. The truck has a...

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Question

Accounting

Carrie owns a truck costing $13,000 and used for personal activities. The truck has a $9,900 FMV when it is transferred to herbusiness, which is operated as a sole proprietorship.

Requirements

a. What is the basis of the truck for determiningdepreciation?

b. What is Carries realized gain or loss if the truck is sold for $10,000 after claiming depreciation of $4,000?

Requirement a. What is the basis of the truck for determiningdepreciation?

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