46. LB 7-5 Jake purchased a $205,000 crane for his oonstruction business. He ooid the crane for $150,000 after taking $115,000 of depreciation. Assume Jake is in the 33% tax rate bracket. a. On what form would the gain or loss originally be reported? Form 4707. Property is paragraph 1245 property, the gain is ordinary to the extant oi doprociation taken. I). What is the amount oi gain or loss on the sale? $ 90,000 gain c. What amount of the gain or loss is subject to ordinary tax rates? $ 60,000 gain