Question: Lawler Clothing sold manufacturing equipment for $20,000. Lawler originally purchased the equipment for $84,000, and depreciation through the date of sale totaled $73,000. What was the gain or loss on the sale of the equipment?
Question: Lawler Clothing sold manufacturing equipment for $20,000. Lawler originally purchased the equipment for $84,000, and depreciation through the date of sale totaled $73,000. What was the gain or loss on the sale of the equipment?
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
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Question
Gain or loss?
Transcribed Image Text:Question:
Lawler Clothing sold manufacturing equipment for
$20,000. Lawler originally purchased the equipment
for $84,000, and depreciation through the date of sale
totaled $73,000. What was the gain or loss on the sale
of the equipment?
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