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Compute his adjusted basis for the machinery

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Reference no: EM133107204

Question - Larry purchased a computer (5-year property) in August, 2020, for $80,000, to be used 100% for his sole proprietorship. This was the only asset purchased during 2020. He did not elect Sec 179 on this equipment and elected out of additional first year (Bonus) depreciation (i.e., Larry does not want Sec 179 or bonus depreciation). In February, 2021, Larry sold the equipment for $60,000. Compute his adjusted basis for the machinery at the time of sale.

Reference no: EM133107204

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