Butte sold a machine to a machine dealer for $50,900. Butte bought the machine for $54,100 several years ago and has claimed $12,050 of depreciation expense on the machine. What is the amount and character of Butte's gain or loss? Multiple Choice $8,850 1231 loss. $8,850 capital gain. None of the choices are correct. $8,850 ordinary gain. $3,200 1231 loss.