Amelias business goes bankrupt in 2020. To close her business, Amelia starts by selling off her business assets. Below are the asset disposition transactions:

Assets	Purchased Date	Cost	Sold date	Sold price
Delivery car	5/1/22	30k	12/31/22	25k
Furniture	3/20/20	40k	12/31/22	20k
Equipment	4/1/20	110k	12/31/22	100k
Land	1/1/21	150k	12/31/22	180k

Assume there is no Section 179 and bonus depreciation. Use MACRS only for depreciation.

Show detailed calculation and explanation

Calculate total accumulated depreciation of each asset until the sold date (12/31/22). Hint: Review Class 15 material. In the year of disposition, under half-year convention, only of MACRS normal rate is allowed.

Calculate the adjusted basis for each asset

Calculate the gain/loss for each asset

Point out the exact character of gain/loss for each asset gain/loss (ex: Ordinary, pure 1231, 1245, 1250, etc.)

Calculate the Net 1231 Gain/Loss

Hint: Be aware of 1245 Depreciation recapture and 1231 lookback rules