Incorrect Question 11 0/1 pts The taxpayer owns a sole proprietorship and sells only 1...
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Incorrect Question 11 0/1 pts The taxpayer owns a sole proprietorship and sells only 1 piece of equipment of equipment during the year. The equipment was purchased 3 years ago for $90,000. The equipment was sold on September 1, 2020 for $70,000. The combination of Section 179 expense and MACRS depreciation taken on the equipment through the date of sale was $40,000. Which of the following would be a correct entry on the tax return based solely on this information? $40,000 on Form 4797, Part III, Line 23 (for Property A). $20,000 on Form 4797, Part II, Line 13. ($3,000) on Form 1040, Line 6. $20,000 on Schedule D, Part II, Line 11
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