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16. Axtol Corporation had the following sales of 1231 assets during the current year: ASSET HOLDING PEIOD / DEP TAKEN SALES PRICE Crane 12
16. Axtol Corporation had the following sales of 1231 assets during the current year: ASSET HOLDING PEIOD / DEP TAKEN SALES PRICE Crane 12 years 0 74,000 18,000 Forklift 4 years 11,000 29,000 2,000 Tractor 6 years 0 52,000 60,000 Truck 3 years 70,000 28,000 90,000 For each asset, compute the realized and recognized gain or loss. What is the 1245 taint and what is the character of the gain or loss (i.e. ordinary or 1231)
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