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Hannah owns an event planning company that specializes in very high-end events. Several years ago, Hannah purchased a magnificent chocolate fountain for $3,000 and has

Hannah owns an event planning company that specializes in very high-end events. Several years ago, Hannah purchased a magnificent chocolate fountain for $3,000 and has since taken $1,200 in depreciation deductions. Hannah is now ready to replace the chocolate fountain with the tools for creating ice sculptures, but she is not sure what the tax consequences of selling the chocolate fountain will be. Determine the tax consequences of selling the chocolate fountain.

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