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Exercise 8-7 (LO. 6, 7) Jacob purchased business equipment for $56,000 in 2020 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment

Exercise 8-7 (LO. 6, 7) Jacob purchased business equipment for $56,000 in 2020 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment in 2023 for $26,000. What is the amount and character of Jacob's gain or loss? If an amount is zero, enter "0". Jacob has 1245 gain of $ and 1231 gain of $
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Jacob purchased business equipment for $56,000 in 2020 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment in 2023 for $26,000. What is the amount and character of Jacob's gain or loss? If an amount is zero, enter " 0 ". Jacob has 51245 gain of $ and 51231 gain of $

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