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equipment used in the taxpayer's business is purchased in 2009 for $50,000.?

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  • equipment used in the taxpayer's business is purchased in 2009 for $50,000.?


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Answer #1 | 15/12 2013 14:57
well, the purchase price was 50,000 so you calculate gain/loss starting there. you have already claimed 23,758 depreciation and sold the equipment for 22,000, so you got back 45,758 of the original purchase price, one way or another. That leaves 4,242 to account for. That is the amount from the original purchase price that was not recovered. I am not real sureon what Section 1231 is, but what I am reading talks about involuntary conversion which does not seem to be the case here, at all.

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