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Copper Corporation sold machinery for $47,000 on December 31, 2014. The machinery had been purchased on January 2, 2011, for $60,000, depreciation of $19,000 had
Copper Corporation sold machinery for $47,000 on December 31, 2014. The machinery had been purchased on January 2, 2011, for $60,000, depreciation of $19,000 had been taken and the machinery had an adjusted basis of $41,000 at the date of the sale. For 2014, what should Copper Corporation report?
a. | Ordinary income of $6,000. | |
b. | A |
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