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Mike sold equipment he is no longer using in his business at a loss of $4,000, and he sold investments at a loss of $8,000. Mike had no other sales of property in the current year. What are the tax implications
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Mike sold equipment he is no longer using in his business at a loss of $4,000, and he sold investments at a loss of $8,000. Mike had no other sales of property in the current year. What are the tax implications of these losses to Mike?

User MinecraftShamrock
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4 votes

Answer:There will be no direct tax implications for these transactions

Step-by-step explanation:

This transactions are only part of a whole his other business activities especially the core business activities will be added up to this transactions in order to determine his stand in relation to tax for the year.

User Epsilonpsi
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