Fixed Assets and Depreciation: For book purposes: The corporation uses straight-line depreciation over the useful lives of assets as follows: Store building, 50 years; Equipment, 15 years (old) and 10 years (new), and Trucks, 5 years. The corporation takes a half-years depreciation in the year of acquisition and the year of disposition and assumes no salvage value. The book financial statements in Tables 1 & 2 reflect these calculations.

For tax purposes: All assets are MACRS property as follows: Store building, 39-year non-residential real property, Equipment, 7-year property, and Trucks, 5-year property. The corporation acquired the store building for $2.0 million and placed it in service on January 2, 2016. The corporation acquired two pieces of equipment for $300,000 (Equipment 1) and $600,000 (Equipment 2) and placed them in service on January 2, 2016. The corporation acquired the trucks for $280,000 and placed them in service on July 18, 2017. The trucks are not subject to the limitation on luxury automobiles. The corporation did not make the expensing election under 179 or take bonus depreciation on any property acquired before 2019. Accumulated tax depreciation through December 31, 2018, on these properties is as follows:

Store building: $151,780; Equipment 1: $168,810; Equipment 2: $337,620; Trucks: $145,600

On October 16, 2019, the corporation sold for $320,000 Equipment 1 that originally cost $300,000 on January 2, 2016. The corporation had no 1231 losses from prior years. In a separate transaction on October 17, 2019, the corporation acquired and placed into service a piece of equipment costing $2,700,000. These two transactions do not qualify as a like-kind exchange under 1031. The new equipment is 7-year property. The corporation made the 179 expensing election with regard to the new equipment and but elected out of bonus depreciation. Where applicable, use the published IRS depreciation tables to compute 2019 depreciation.

How to calculate realized gain for tax purpose (Form 4797?)