Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 07 Dec 2017 My Price 5.00

basis for depreciation

55.   LO.1, 2, 3 Nicky receives a car from Sam as a gift. Sam paid $48,000 for the car. He had  used it for business  purposes  and  had  deducted  $10,000  for depreci-

ation up to the time he gave the car to Nicky. The fair market value of the car is

$33,000.

a.      Assuming that Nicky uses the car for business purposes, what is her basis for depreciation?

b.     Assume  that  Nicky deducts  depreciation of $6,500 and  then  sells the  car  for

$32,500. What is her recognized gain or loss?

c.      Assume  that  Nicky deducts  depreciation of $6,500 and  then  sells the  car  for

$20,000. What is her recognized gain or loss?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Dec 2017 09:12 PM My Price 5.00

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