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1231 Gains / 1245 Recapture Phil Mickelson sold his Gulfstream V jet (G5) for $10 million. He originally paid $8MM for the aircraft back in

1231 Gains / 1245 Recapture Phil Mickelson sold his Gulfstream V jet (G5) for $10 million. He originally paid $8MM for the aircraft back in 2019. He had taken $3MM of depreciation.

Is this jet 1231 property?

What is the 1231 Gain?

What is the 1245 Recapture?

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