When a depreciable asset is sold, a tax gain or tax loss on disposal is calculated, based on the book value of the asset at the time of disposal. If a ________ has occurred, ________ are incurred
A) gain, tax reductions
B) gain, taxes
C) gain, tax credits
D) loss, taxes
Answer: B
Explanation: B) When a depreciable asset is sold, a tax gain or tax loss on disposal is calculated, based on the book value of the asset at the time of disposal. If a gain has occurred, taxes are incurred. If a loss has occurred, a tax credit or tax reduction is recorded.
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