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During 2023, Brady sells a business machine which he used for four years. Brady received $25,000 in cash and also received a business computer worth
During 2023, Brady sells a business machine which he used for four years. Brady received $25,000 in cash and also received a business computer worth $2,000. Brady originally purchased the machine for $42,000 and has taken $18,000 in depreciation over the life of the asset. How much and what type of gain treatment will result from this sale for tax year 2023? A. $3,000 short-term capital gain B. $3,000 Section 1245 gain C. $18,000 Section 1245 gain and $3,000 long-term capital gain D. $3,000 long-term capital gain E. None of the above. me weake week 200 GARAN
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