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Amaya, a sole proprietor, sold the following assets in the current year. Compute the gain or loss from each asset disposition and determine the
Amaya, a sole proprietor, sold the following assets in the current year. Compute the gain or loss from each asset disposition and determine the tax status of the property as well as the character of the gain for the year. Assume that there is a 1231 lookback loss of $14,000, Purchase Date Sale Date Cost Depreciation Sale Price Laser Engraving machine 3/10/17 8/10/22 $40,000 $29,736 $2,000 Manufacturing 2/12/16 building 7/23/22 80,000 18,838 90,000 Loader 5/16/18 11/13/22 $2,000 52,000 60,000 Conveyor belt 11/12/12 2/25/22 74,000 74,000 18,000
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