Gene Purchased an SUV for $42,000 Which He Uses 100

question 45

True/False

Gene purchased an SUV for $42,000 which he uses 100% for personal purposes.When the SUV is worth $29,000, he contributes it to his business.The gain basis is $42,000, the loss basis is $29,000, and the basis for cost recovery is $29,000.

---

Definitions:

Ethnic Quotas

Policies or practices that allocate a certain number or percentage of positions or places to individuals from specific ethnic groups, often to correct historical discrimination or to ensure diversity.

Former Soviet Union

The group of republics that formed the Union of Soviet Socialist Republics (USSR), which existed from 1922 until its dissolution in 1991.

Reside

To live in a particular place.