Basis of the truck for determining depreciation

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Reference no: EM13755133

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)

Reference no: EM13755133

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