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You use a car in a majority of your sole-proprietorship engineering consulting business. This business...

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Accounting

You use a car in a majority of your sole-proprietorship engineering consulting business. This business asset cost you $80,000 new and has been depreciated according to MACRS over a 5-year period. At the end of year 4, you bought a replacement vehicle and traded for a net positive $15,500 on the old car. Determine if depreciation recapture or a capital loss is present and, if so, how much.

______ there _______ depreciation recapture.

The value of depreciation recapture is $ _________

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