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January 29, 2021
Question

sale of business equipment

  • January 29, 2021
  • 1 reply
  • 0 views

i was buying my work vehicle from a company. i decided i no longer wanted the truck. the company took  back the truck and they forgave my remaining balance i owed them  they in turn sold the truck again do i have to list the cost that they forgave as a gain?

 

    1 reply

    January 29, 2021

    basically you sold the truck for the amount of debt.