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olga nikolaevna [1]
3 years ago
15

Leo Gallagher is a traveling comedian, musician, and philosopher. In September of 2019, a truck he had used for several years to

transport watermelons for his business was totally destroyed in a sudden accident. His insurance reimbursed him $6,000 for the truck, which had adjusted basis of $5,000 and FMV of $9,000. In addition, he disposed of the following assets during 2019, and they all were solely used in the trade or business:
Asset

Purchased

Sold

Cost

Accumulated Depreciation

Sale Price

Sledge Hammer

3/10/2016

06/17/2019

$3,000

$1,000

$6,000

Office Furniture

7/18/2015

02/02/2019

$20,000

$12,000

$6,000

Equipment

10/14/2017

10/30/2019

$230,000

$11,800

$250,000

For each asset/transaction, list BOTH the amount(s) and the character(s) of any gain(s) or loss(es)
Business
1 answer:
Leya [2.2K]3 years ago
4 0

Answer:

Hold on, our servers are swamped. Wait for your answer to fully load.

Explanation:

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