Question: Panther Apparel sold manufacturing equipment for $30,000. Panther originally purchased the equipment for $95,000, and depreciation through the date of sale totaled $78,500. What was the gain or loss on the sale of the equipment?
Question: Panther Apparel sold manufacturing equipment for $30,000. Panther originally purchased the equipment for $95,000, and depreciation through the date of sale totaled $78,500. 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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What was the gain or loss on the sale of the equipment?
Transcribed Image Text:Question:
Panther Apparel sold manufacturing equipment
for $30,000. Panther originally purchased the
equipment for $95,000, and depreciation through
the date of sale totaled $78,500.
What was the gain or loss on the sale of the
equipment?
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