Exercise 17-24 (Algorithmic) (LO. 3) Jacob purchased business equipment for $152,100 in 2014 and has taken $91,260 of regular MACRS depreciation. Jacob sells the equipment in 2017 for $68,445 What is the amount and character of Jacob's gain or loss? If an amount is zero, enter "O" Jacob has 1245 gain of 5,000X and S 1231 gain of $ Feedback Check My Work The Code contains two major recapture provisions- 1245 and 1250. These provisions cause gain to be treated initially as ordinary gain (income). Thus, what may appear to be a 1231 gain is ordinary gain instead. These recapture provisions may also cause a gain on a nonpersonal use casualty to be initially ordinary gain rather than casualty gain