Repossession of wrecker treated as sale

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • Bonnie
    Senior Member
    • Jan 2007
    • 568

    #1

    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?
  • TAXNJ
    Senior Member
    • Jan 2007
    • 2106

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

    Comment

    Working...