Capital improvements on either business asset sold

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Reference no: EM132030348

Frank Willingham has the following transactions during the year:

Sale of office equipment on March 15 that cost $87,000 when purchased on July 1, 2015. Frank has claimed $17,400 in depreciation and sells the asset for $52,200 with no selling costs.

Sale of land on April 19 for $163,000. The land cost $179,300 when purchased on February 1, 2006. Frank's selling costs are $32,600.

Assume there were no capital improvements on either business asset sold. Frank's Social Security number is 924-56-5783.

Complete Form 4797 to report the above gains or losses.

Reference no: EM132030348

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