Carrie owns a truck costing $13,000 and used for personal activities. The truck has a $9,900 FMV when it is transferred to her?business, which is operated as a sole proprietorship.
Requirements
a. What is the basis of the truck for determining?depreciation?
b. What is Carrie’s realized gain or loss if the truck is sold for $10,000 after claiming depreciation of $4,000?
Requirement- What is the basis of the truck for determining?depreciation?