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Helena Company sold a machine to a machine dealer for $50,000. Helena bought the machine for $55,000 several years ago and has claimed $20,000 of
Helena Company sold a machine to a machine dealer for $50,000. Helena bought the machine for $55,000 several years ago and has claimed $20,000 of depreciation expense on the machine. What is the amount and character (how will it be taxed) of Helena's gain or loss? [Note: I need two answers: gain or loss, and how it will be taxed: Ordinary, 1231 loss, or capital gain)]
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