Gail owns a truck costing $14,000 and used for personal activities. The truck has a $9,100 FMV when it is transferred to her business, which is operated as a sole proprietorship.
What is the basis of the truck for determining depreciation?
The basis of the truck for determining depreciation is $__________
What is Gail’s realized gain or loss if the truck is sold for $4,000 after claiming depreciation of $1,000?
Gail will realize a $______ (gain or loss)