On August 18th 2020, hannah (an individual) purchased a business-use Racehorse (for $100,000) that meets...
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Accounting
On August 18th 2020, hannah (an individual) purchased a business-use Racehorse (for $100,000) that meets the qualifications to be depreciated over a 3-year life. He was the only asset purchased this year. She began to depreciate the horse with MACRS tables and used no other forms of depreciation (and won some great races along the way).
Hannah is focusing on Accounting for now, so she sold the Racehorse on November 1st 2021 to a wonderful farm that will let him retire in peace (Sold him for $60,000). State the total gain/loss on the sale of the Racehorse. Ignore character and taxes paid. USE MACRS table to find depreciation rate.
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