Multiple Choice
Exxon Corp. bought an oil rig exactly 6 years ago for $100,000,000. Exxon depreciates oil rigs straight line over 10 years assuming no salvage value. The rig was just sold to British Petroleum for $30,000,000. What Capital Gain/Loss will Exxon report on this transaction?
A) Gain of $30,000,000
B) Gain of $10,000,000
C) Loss of $10,000,000
D) Loss of $30,000,000
Correct Answer:
Verified
Correct Answer:
Verified
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