Marquez purchased some equipment for $58,750 on August 15,2016.He decided he did not need the equipment so he sold it on June 13,2017 for $56,500.The equipment was subject to depreciation of $6,964 for 2016 and 2017.What gain or loss will Marquez recognize on the sale of the equipment?
A) $2,250 ordinary loss.
B) $2,250 capital loss.
C) $4,714 ordinary gain.
D) $4,714 capital gain.
Correct Answer:
Verified
Q53: Glenn sells a piece of equipment used
Q54: Hiroko,a single taxpayer,has wage income of $80,000.In
Q55: Gilberto invested in a mid-size local company
Q56: Before the tax implications of asset sales
Q57: Which of the following statements is correct
Q59: Which one of the following is a
Q60: Section 1231 property is:
A)Property used in a
Q61: In 2008,Savannah purchased 200 shares of Hi-Style
Q62: Francisco sells a parcel of land for
Q63: The following is true if land is
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents