Essay
A business machine purchased April 10,2015,for $62,000 was fully depreciated in 2015 using § 179 immediate expensing.On August 15,2016,the sole proprietor who owned the machine gave it to his son.On that date,the machine's fair market value was $57,000.The son did not use the machine in business or hold it as inventory and the machine was sold on November 22,2016,for $53,000.What is the amount and nature of the gain or loss from disposition of the machine? Where is it reported in the son's tax return?
Correct Answer:
Verified
Correct Answer:
Verified
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