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Question - Brantley owns an automobile for personal use. The adjusted basis is $16,750, and the FMV is $13,800. Assume Brantley has owned the automobile for two years.
1. Respond to the following if Brantley sells the vehicle for $13,800.
(1) What is the amount of realized gain or loss on the sale?
(2) What is the amount Brantley will recognize on his Form 1040?
2. Respond to the following if Brantley sells the vehicle for $18,400.
Using the format in Example 13-5, prepare common-size comparative income statements for 2011 and 2010. Use as the base ''Net revenues.'' Round all percentages to the nearest one- tenth of a percent.
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They expect to have 800 patients per year with the van. It will cost $3000 per year to maintain the vehicle, which includes all relevant costs. How much will the WCHC need in foundation grants this year to make the purchase break-even financially
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