Answered

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On the last day of its current tax year, Buy Rite LLC received $390,000 when it sold a machine it had purchased for $270,000 three years ago to use in its business. At the time of the sale, the basis in the equipment had been reduced to $230,000 due to tax depreciation taken. How much did the members’ self-employment earnings from Buy Rite increase when the equipment was sold? [Hint: See IRC §1402(a)(3).]

Sagot :

Answer:

1,402

Explanation:

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