Multiple Choice
C replaced the car that she had used exclusively for her business with a new model.The older car cost $20,000, and its basis after allowable depreciation had been $15,500 at the time C converted it to personal use.This year C sold the older car for $9,000.What loss on the sale may she claim as a deduction?
A) $0
B) $6,500
C) $11,000
D) C's loss is indeterminable from the given information.
Correct Answer:
Verified
Correct Answer:
Verified
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