An 7-year property asset was removed from service and sold for $500 in year 6. When purchased, the asset was entered into the book with a basis of $180,000, S = $5,000. MACRS depreciation was used for the entire 7-year recovery period. Determine if there are any instances of CG, DR or CL. o If there are, use an effective tax rate of 35% to determine the amount of income tax effect. An 7-year property asset was removed from service and sold for $500 in year 6. When purchased, the asset was entered into the book with a basis of $180,000, S = $5,000. MACRS depreciation was used for the entire 7-year recovery period. Determine if there are any instances of CG, DR or CL. o If there are, use an effective tax rate of 35% to determine the amount of income tax effect