Find cost or other basis, Sale of land on April 19 for

Find cost or other basis

Assignment Help Accounting Basics

Reference no: EM132721541

Question - Frank Willingham has the following transactions during the year:

1. Sale of office equipment on March 15 that cost $78,200 when purchased on July 1, 2017. Frank has claimed $15,640 in depreciation and sells the asset for $46,920 with no selling costs.

2. Sale of land on April 19 for $166,800. The land cost $183,480 when purchased on February 1, 2008. Frank's selling costs are $33,360.

Assume there were no capital improvements on either business asset sold. Complete Form 4797 to report the above gains or losses.

Find Cost or other basis, plus improvements and expense of sale of office equipment and land?

Reference no: EM132721541

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