Renata Corporation purchased equipment in 2014 for $180,000 and has taken $83,000 of regular MACRS depreciation Renata Corporation sells the equipment in 2016 for $110,000 What is the amount and character of Renata 's gain or loss ...

Renatas equipment gain is subject to 1245 depreciation recapt ...

Renata Corporation purchased equipment in 2014 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata

Question:

Renata purchased equipment in 2014 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata sells the equipment in 2016 for $110,000. What is the amount and character of Renata's gain or loss?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...