Depreciation taken on the tax returns, Accounting Basics

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Depreciation taken on the tax returns

Joan bought a business machine for $15,000 on January 1, 2011, and later sold the machine for $12,800 when the total allowable depreciation is $8,500. The depreciation actually taken on the tax returns totaled $8,000. Joan must recognize a gain (or loss) of:

A) no gain or loss.

B) ($3,200).

C) $6,800.

D) $6,300.

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Accounting Basics: Depreciation taken on the tax returns

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Accounting Basics: Depreciation taken on the tax returns

Reference No:- TGS045799

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Maximum depreciation deduction

Q : Determine the maximum depreciation deduction

Q : Depreciation on the property

Q : What is total depreciation deduction

Q : Depreciation taken on the tax returns

Q : Total allowable home office deduction

Q : Eligibility to deduct moving expenses

Q : Deduction for moving expenses

Q : Miscellaneous itemized deductions

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Depreciation taken on the tax returns

Reference No:- TGS045799

Recent Questions Asked Accounting Basics

Q : Maximum depreciation deduction

Q : Determine the maximum depreciation deduction

Q : Depreciation on the property

Q : What is total depreciation deduction

Q : Depreciation taken on the tax returns

Q : Total allowable home office deduction

Q : Eligibility to deduct moving expenses

Q : Deduction for moving expenses

Q : Miscellaneous itemized deductions

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