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Bob sold manufacturing equipment to a dealer for $50,000. He bought the equipment for $55,000 several years ago and has claimed $12,500 of depreciation expense

Bob sold manufacturing equipment to a dealer for $50,000. He bought the equipment for $55,000 several years ago and has claimed $12,500 of depreciation expense on the equipment. What is the amount and character of the gain or loss for Bob on the equipment?

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