A Business Machine Purchased April 10,2015,for $62,000 Was Fully Depreciated

question 3

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?

Explain phenomena related to conformity, obedience, and resistance to social influence.

Compare and contrast different theories explaining the motivation behind social behaviors and cognitive processes.

Understand various management theories and their application in nonprofit organizations.

Identify different types of volunteers and their roles within nonprofit organizations.

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Definitions:

Objective Function

A mathematical function used in decision-making, optimization, or problem-solving that specifies the objective to be maximized or minimized.

Maximize Contribution

A financial strategy or goal to increase the difference between total sales and total variable costs to maximize the profit contributed towards fixed costs and earnings.

Unbounded Maximizing

A type of optimization problem where the goal is to find the highest possible value of an objective function without upper limits.

Constraints

Limitations or restrictions that affect the performance, capability, or efficiency of a process, system, or project.