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Bob bought a printing business in 2014 and in the same year purchased a printing press for $10,000. In 2019, he sold the press for
Bob bought a printing business in 2014 and in the same year purchased a printing press for $10,000. In 2019, he sold the press for $15,000. Depreciation on this property had amounted to $3,000 over this time period. How is the $3,000 gain derived from depreciation taxed?
Long-term capital gain.
Short-term capital gain.
Ordinary income.
Section 1250 gain.
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