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Billy purchased business equipment for $50,000 in and has taken $20,000 of regular MACRS depreciation. Billy sells the equipment in 2020 for $40,000. What is
Billy purchased business equipment for $50,000 in and has taken $20,000 of regular MACRS depreciation. Billy sells the equipment in 2020 for $40,000. What is the amount and character of Billy's gain or loss?
A. Sec. 1231 gain $10,000
B. Sec. 1245 gain $10,000
C. Sec. 1231 loss $10,000
D. Sec. 1245 gain $10,000
Sec. 1231 gain $10,000
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