Owe ramsin is upgrading her factory equipment this year and sells her old equipment. The old equipment had an original basis of $2,000 but has since been fully depreciated. Ramsin sells the property for $1,500. What are the tax consequences for Ramsin on the sales? 1. $1,500 ordinary income 2. No effect 3. $500 ordinary loss 4. $1,500 capital gain
Owe ramsin is upgrading her factory equipment this year and sells her old equipment. The old equipment had an original basis of $2,000 but has since been fully depreciated. Ramsin sells the property for $1,500. What are the tax consequences for Ramsin on the sales? 1. $1,500 ordinary income 2. No effect 3. $500 ordinary loss 4. $1,500 capital gain
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 20MCQ
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Owe
ramsin is upgrading her factory equipment this year and sells her old equipment. The old equipment had an original basis of $2,000 but has since been fully
1. $1,500 ordinary income
2. No effect
3. $500 ordinary loss
4. $1,500
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