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Vladimir79 [104]
3 years ago
10

LO.9 Renata Corporation purchased equipment in 2017 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata Cor

poration sells the equipment in 2019 for $110,000. What is the amount and character of Renata’s gain or loss?
Business
1 answer:
Pani-rosa [81]3 years ago
7 0

Answer:

It will be considered a long-term capital gains as Renata Corporation holded for a priod of time longer than a year.

The gain will be the difference between tax basis (cost - tax purporse depreciation) which amount to $13,000

Explanation:

selling price           110,000

180,000 - 83,000 = 97,000 tax basis

long.term capital gain 13,000

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Which of the following is an example of a capital market instrument? Group of answer choices Banker's acceptances. Commercial pa
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Answer:

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