53. LO.7 Jasper purchased on August 10, 2011, business equipment for $40,000. On his 2011 tax return,

Question:

53. LO.7 Jasper purchased on August 10, 2011, business equipment for $40,000. On his 2011 tax return, $40,000 of § 179 immediate expense was taken on the equipment. On July 14, 2012, Jasper sold the equipment for $12,000. What is the nature of disposition gain or loss? Where is it reported on the 2012 Form 4797?

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