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Gabby sold 4-year-old business machinery for $100,000. The machinery had an original cost of $ 80,500. Gabby claimed $ 12,500 in depreciation through the date
Gabby sold 4-year-old business machinery for $100,000. The machinery had an original cost of $ 80,500. Gabby claimed $ 12,500 in depreciation through the date of sale. The only other 5 1231 transactions Gabby has had were in the two prior years. She had a $1231 gain of $12,000 two years ago and a $1231 loss of $3,500 last year. How are Gabby's gains for the current year treated? $16.000 ordinary income: $16.000 long-term capital gain $24.500 ordinary income, $7.500 long term capital gain $12.500 ordinary income $10.300 long-term capital gain $32.000 king capital gain None of the other chokes are conect
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