Which is operated as sole proprietorship

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On May1, 2012, Iris purchased a truck costing $16,000 and used it for personal activities. On January 1, 2013, the truck has a fair market value of $10,100 and Iris transfers the truck to her business, which is operated as a sole proprietorship. 1. Does Iris have a gain or loss if the truck is sold for $4,000 after claiming depreciation of $5,000?

Reference no: EM131295504

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Which is operated as sole proprietorship : On May1, 2012, Iris purchased a truck costing $16,000 and used it for personal activities. On January 1, 2013, the truck has a fair market value of $10,100 and Iris transfers the truck to her business, which is operated as a sole proprietorship. What..

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