Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 07, 2024

A corporation sells a machine used for 9 years in its business for $22,000. The machine originally cost $120,000 and was fully depreciated. Its gain

image text in transcribed

A corporation sells a machine used for 9 years in its business for $22,000. The machine originally cost $120,000 and was fully depreciated. Its gain will be treated as: Capital gain Section 1231 gain Section 1245 recapture Section 1250 recapture

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Control Systems

Authors: Kenneth Merchant, Wim Van Der Stede

5th Edition

1292444134, 9781292444130

More Books

Students also viewed these Accounting questions

Question

★★★★★

The Lakeside Electronics Company has two bond issues outstanding. Both bonds pay $100 semiannual interest plus $1,000 at maturity. Bond A has a remaining maturity of 15 years; bond B has a maturity...

Answered: 1 week ago

Question

★★★★★

If management makes an adverse assessment of internal control because of a material weakness (i.e., "internal control over financial reporting is not effective") and the auditor agrees with the...

Answered: 1 week ago

Question

★★★★★

Compute upper and lower bounds of the reliability function (using Method 2) for the systems given in Exercise 4, and compare them with the exact values when pi 1 2 .

Answered: 1 week ago

Question

★★★★★

In Problem S1-8, if Wiley Publishing is able to assign probabilities of occurrence of 0.23 to unfavorable market conditions, 0.46 for the same market conditions, and 0.31 for favorable market...

Answered: 1 week ago

Question

★★★★★

In this question, the body mass index ( BMI ) is considered. It is a statistical index that relies on the person's height and weight, and according to a formula decides whether the person is of...

Answered: 1 week ago

Question

★★★★★

4. Please choose four of the scenarios below and identify and explain the behavioral characteristic it exemplifies. You are the manager of a retail store. You believe the economy is in a recession...

Answered: 1 week ago

Question

★★★★★

Knightro has three variables that store the length of each of his runs, run1, run2, run3 and he is trying to find the average of these three numbers and save it into the variable name overall. Write...

Answered: 1 week ago

Question

★★★★★

Problem 2. By using R function generate a simple and random sample of size n for the population X ~N(2, 32). 3/n (i) Let n = 20, compute X-2 and (n-1)52. Then, repeat (i) for 100 times X-2 and (n-1)...

Answered: 1 week ago

Question

★★★★★

What does the term "acceptable level" mean when used in the GAO conceptual framework to describe threats to independence? The circumstances are fluid but stable in terms of the auditor's...

Answered: 1 week ago

Question

★★★★★

5. Wabasha Co. has two service departments (A and B) and two producing departments (X and Y). Data provided are as follows: Service Depts. Operating Depts. A B X Y Direct costs $150 $300 Services...

Answered: 1 week ago

Question

★★★★★

4.Find the network Id, broadcast id and the binary conversion of the following IPs. i.20. 210. 47. 225/13 ii.220. 20. 17. 5/27 iii.10. 10. 7. 17/19 iv. 192. 12. 8. 1/18 v.172. 1. 4. 5/20

Answered: 1 week ago

Question

★★★★★

Which corporate, which international, and which HRM strategies do McDonalds headquarters follow?

Answered: 1 week ago

Question

★★★★★

Understand corporate and HRM strategy.

Answered: 1 week ago

Question

★★★★★

Understand how to balance global standards and local responsiveness.

Answered: 1 week ago

Previous Question Next Question