https://www.taxtmi.com/forum/issue?id=108490 Operating receipts are taxed as business income; vehicles used in the transport business qualify as business assets subject to depreciation and allowable business deductions. Sale of those vehicles produces either an adjustment within the depreciation block (balancing allowance or charge) impacting taxable business income, or-if the vehicle is a capital asset-a capital gain or loss. Computation therefore requires classifying each vehicle's use, claiming depreciation and expenses against operating income, and treating sale proceeds according to asset classification. en-us Fri, 24 Apr 2015 20:09:15 +0530 Thu, 23 Jan 2025 15:56:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=108490 Operating receipts are taxed as business income; vehicles used in the transport business qualify as business assets subject to depreciation and allowable business deductions. Sale of those vehicles produces either an adjustment within the depreciation block (balancing allowance or charge) impacting taxable business income, or-if the vehicle is a capital asset-a capital gain or loss. Computation therefore requires classifying each vehicle's use, claiming depreciation and expenses against operating income, and treating sale proceeds according to asset classification. Discussion-Forum Income Tax Fri, 24 Apr 2015 20:09:15 +0530 https://www.taxtmi.com/forum/issue?id=108490