You use a car in a majority of your sole-proprietorship engineering consulting business. This business...
80.2K
Verified Solution
Link Copied!
Question
Accounting
You use a car in a majority of your sole-proprietorship engineering consulting business. This business asset cost you $80,000 new and has been depreciated according to MACRS over a 5-year period. At the end of year 4, you bought a replacement vehicle and traded for a net positive $15,500 on the old car. Determine if depreciation recapture or a capital loss is present and, if so, how much.
______ there _______ depreciation recapture.
The value of depreciation recapture is $ _________
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
