A piece of equipment that was originally purchased for $30,000, had accumulated depreciation of $20,000, and was sold for $12,000, would recognize a gain or loss of $2,000. a) True b) False
A piece of equipment that was originally purchased for $30,000, had accumulated depreciation of $20,000, and was sold for $12,000, would recognize a gain or loss of $2,000. a) True b) False
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions
Section: Chapter Questions
Problem 4BCRQ
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Question
Financial accounting
Transcribed Image Text:A piece of equipment that was originally purchased
for $30,000, had accumulated depreciation of $20,000,
and was sold for $12,000, would recognize a gain or
loss of $2,000.
a) True
b) False
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