Irene owns a truck costing $15,000 and used for personal activities. The truck has a...
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Accounting
Irene owns a truck costing $15,000 and used for personal activities. The truck has a $9,600 fair market value (FMV) when it is transferred to her business, which is operated as a sole proprietorship. Requirements a. What is the basis of the truck for determining depreciation? b. What is Irene's realized gain or loss if the truck is sold for $5,000 after claiming depreciation of $4,000 ? Requirement a. What is the basis of the truck for determining depreciation? The basis of the truck for determining depreciation is
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