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Repossession of wrecker treated as sale

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    Repossession of wrecker treated as sale

    Have a taxpayer who owns a Wrecker service, files a Sch C. He had multiple wreckers and one was repossessed in 2015. Do I treat it the same as a sale, in which he received zero for it?

    #2
    See TTB 14-11 (includes a worksheet)
    Always cite your source for support to defend your opinion

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