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Calculate the realized gain/loss, recognized gain/loss, and the initial character of that gain/loss for each of the following asset sales. Assume Zeus had other asset
Calculate the realized gain/loss, recognized gain/loss, and the initial character of that gain/loss for each of the following asset sales. Assume Zeus had other asset sales that you dont have the details of so you can not do any netting.
- Zeus sold a building. He bought it on 9/9/2010 for $75,000. He sold it on 11/4/2021 for $85,000. He had taken $17,300 in depreciation.
- Zeus sold his personal car. He bought it on 4/1/2015 for $20,000. He sold it on 11/4/2021 for $3,000.
- Zeus sold his computer. He bought it 2/2/2020 for $1200. He sold it on 11/4/2021 for $900. He had taken $1200 in depreciation on the computer.
- Zeus sold his camper. He bought it on 3/31/2021 for $10,500. He sold it on 11/4/2021 for $13,000.
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