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BiWi sold a business asset, machinery, for $60,000. They bought the machine for $125,000 several years ago and have claimed $80,000 of depreciation expense on

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BiWi sold a business asset, machinery, for $60,000. They bought the machine for $125,000 several years ago and have claimed $80,000 of depreciation expense on the machine. What is the amount and character of BiWi's gain or loss? Amount ; Character

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