Business, 18.03.2020 00:20, isabellemaine

Nicky receives a car for Sam as a gift. Sam paid $48,000 for the car. He had used the car for business purposes and had deducted $10,000 for depreciation up to the time he gave the car to Nicky. The fair market value of the car is $33,000. a. Assuming that Nicky uses the car for business purposes, what is her basis for depreciation? b. Assume that Nicky deducts depreciation of $6500 and then sells the car for $32,500. What is are recognized gain or loss? c. Assume that Nicky deducts depreciation of $6500 and then sells the car for $20,000. What is are recognized gain or loss?

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Nicky receives a car for Sam as a gift. Sam paid $48,000 for the car. He had used the car for busine...