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Ich of the following consequences is most accurate

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A piece of equipment has depreciated to $3,000, but it sells for $8,000 at an auction. Which of the following consequences is most accurate?

The firm must pay taxes on the selling price less the remaining depreciation costs, $5,000.

The firm must pay taxes on the selling price of $8,000.

The firm can write-off the equipment as a charitable donation since the selling price is less than one-tenth of the original cost of the equipment.

The firm can document the sale as a capital loss.

Reference no: EM132199995

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