1) Estelle owns a pickup truck costing $16,000 that she uses in her personal activities. The truck had a $10,000 FMV when it was transferred to Estelle’s business, which she operates as a sole proprietorship. a. What is Estelle’s basis in the truck for calculating

| November 30, 2018

1) Estelle owns a pickup truck costing $16,000 that she uses in her personal activities. The truck had a $10,000 FMV when it was transferred to Estelle’s business, which she operates as a sole proprietorship. a. What is Estelle’s basis in the truck for calculating depreciation? b. What is Estelle’s realized gain or loss on the truck if she sells it for $5,000 after claiming depreciation of $4,500? 2) Bill files as head of household in 2016. He had taxabl …

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