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Split basis T purchases a car for $20,000 he intends to use 80% for business....

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Accounting

Split basis

T purchases a car for $20,000 he intends to use 80% for business. Assume that the car can be depreciated over 5 years using the straight line method. Depreciation would be allowed for $4,000 per year. In year 6 T sells the car for $7,000. What is the gain?

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