CA Tax Law Specialist Practice Questions - California Certified Legal Specialist - Taxation Law Exam

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Taxpayer purchased equipment for $50,000 and over five years claimed $20,000 in depreciation deductions. The taxpayer sells the equipment for $40,000. What is the taxpayer's adjusted basis at sale?

$$50,000 $$40,000 $$30,000 $$20,000

Correct Answer:

$$30,000

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