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03-15-2021
02:54 PM
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A client purchased a new truck for $X from a dealership. The client paid $X minus $Y (manufacture’s rebate) = $Z. For the purpose of depreciation, should we add the rebate as income and depreciate full purchase price $X or should we enter purchase price less rebate $Z as asset cost? This is a 1065 which means I have to balance the books.
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