Sergio, a sole proprietor, purchased a van for $35,000 to use exclusively in his delivery business. Six months later, he soldthe van for $38,000. Sergio's $3,000 gain from the sale of this property should be reported as:O Gross receipts or sales on Schedule C, Part I.A gain from the sale or exchange of property used in a trade or business on Form 4797, Part I.An ordinary gain on Form 4797, Part II.O A gain from the disposition of property on Form 4797, Part III.

Gain on the sale of assets refers to the amount of money that is earned when an asset is sold for…

Sergio, a sole proprietor, purchased a van for $35,000 to use exclusively in his delivery business. Six months later, he sold the van for $38,000. Sergio's $3,000 gain from the sale of this property should be reported as: 00 Gross receipts or sales on Schedule C, Part I. A gain from the sale or exchange of property used in a trade or business on Form 4797, Part I. An ordinary gain on Form 4797, Part II. A gain from the disposition of property on Form 4797, Part III.

Sergio, a sole proprietor, purchased a van for $35,000 to use exclusively in his delivery business. Six months later, he sold the van for $38,000. Sergio's $3,000 gain from the sale of this property should be reported as: 00 Gross receipts or sales on Schedule C, Part I. A gain from the sale or exchange of property used in a trade or business on Form 4797, Part I. An ordinary gain on Form 4797, Part II. A gain from the disposition of property on Form 4797, Part III.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 31P

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Subject : Accounting
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