True or False, and explain your answer. An asset was sold for $50,000 at the end...
True or False, and explain your answer.
An asset was sold for $50,000 at the end of its useful life of 7 years. The equipment was bought for $400,000. If it has been depreciated as a 7-year MACRS property, the depreciation recapture on this property is $50,000.
Homework Answers
The answer is True.
Explanation:
Depreciation Recapture= (400000 – 50000) / 7 = $50,000
Add Answer to:
True or False, and explain your answer.
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