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How would that have impacted taxable income

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Question 1: Big Dang Fans sold a fan they used in their manufacturing plant for a $10,000 loss (no depreciation recapture applies). How would that have impacted taxable income?

  1. Only reduced any capital gain by $10,000
  2. Carried back two years
  3. Reduced taxable income by $10,000
  4. Not impacted taxable income

Reference no: EM132475717

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