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