A trucking company sold its fleet of trucks for $56,400. The trucks originally cost $1,476,000 and had Accumulated Depreciation of $1,283,000 recorded through the date of disposal. What gain or loss did the trucking company record when it sold the fleet of trucks? A. Gain of $136,600 B. Gain of $56,400 C. Loss of $56,400 D. Loss of $136,600

A trucking company sold its fleet of trucks for $56,400. The trucks originally cost $1,476,000 and had Accumulated Depreciation of $1,283,000 recorded through the date of disposal. What gain or loss did the trucking company record when it sold the fleet of trucks? A. Gain of $136,600 B. Gain of $56,400 C. Loss of $56,400 D. Loss of $136,600

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter17: Property Transactions: §1231 And Recapture Provisions

Section: Chapter Questions

Problem 3CPA: Jerry uses a building for business purposes. The building was purchased on April 1, year 3, for...

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