DGEmbry
Level 3
09-10-2022
03:51 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client is giving depreciated property of adj. salvage value of $3000. If I record the disposition of the assets (depreciation scree) with a $0 proceed, if generates a $3000 loss. However, the client has a charitable contribution receipt from the organization, which will allow a $3000 noncash contribution.
How do I enter the transaction without double dipping 1- in business loss and 2- in charitable contribution.
Thank you!
Diane
Best Answer Click here