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Charitable donation since the selling price

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Reference no: EM131051618

A firm has fully depreciated its network server, but a buyer is willing to pay $5,000 for it. If the firm sells the depreciated server, which of the following consequences is MOST accurate?

  • The firm can write-off the server as a charitable donation since the selling price is less than one-tenth of the original cost of the equipment.
  • The firm can document the server as a capital loss.
  • The firm has a tax liability since the server's book value is now zero.
  • The firm must pay a capital gains tax on two-thirds of the selling price of the server.

Reference no: EM131051618

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