Long Corporation has been unprofitable for several years and has substantial NOL carryovers. Therefore, the company has elected to use straight-line MACRS for property acquisitions. Long acquires, holds, or sells the following assets in 2013:

Long did not make the Sec. 179 election in any year, and elects out of bonus depreciation.
a. What is the depreciation deduction for each asset in 2013?
b. What amount of gain or loss does Long recognize on the properties sold in 2013?

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Original Cost Recovery Date AcquiredDate SoldBasis Selling c Price Period Method SL ADS Light duty truck 5/1/09 12/1/1330,000 8,000 SL ADS SL ADS 12,000 10,000 SL ADS (Years) 7 Equipment 6/1/13 S40,000 Nonpersonal-use) Furniture Automobile 7/1/10 3/1/09 10,000 7 12/1/13