Alpha sold machinery that it used in its business to Beta, a related entity, for $39,500 Beta used the machinery in its business Alpha bought the machinery a few years ago for $50,500 and has claimed $29,500 of depreciation expense What is the amount and character of Alpha's gain? Multiple Choice None of the choices are correct $8.500 5231 gain $10.000 ordinary gain and $8.500 1231 gain Alpha sold machinery that it used in its business to Beta, a related entity, for $39,500 Beta used the machinery in its business. Alpha bought the machinery a few years ago for $50,500 and has claimed $29,500 of depreciation expense. What is the amount and character of Alpha's gain? Multiple Choice None of the choices are correct $8.500 51231 gain $10,000 ordinary gain and $8.500 5123 goin $18.500 ordinary income under $1239