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help asap thank u This year, Taxpayer sold equipment to his wholly owned corporation at its fair market value of 575.000. Tapayer acquired the equipment
help asap thank u This year, Taxpayer sold equipment to his wholly owned corporation at its fair market value of 575.000. Tapayer acquired the equipment several years aco for a cost of 570.000 and has deducted 543,761 in depreciation through the date of sale Determine the amount and ultimate character of the gain or loss Taparyer realizes on the sate $43761 unrecaptured section 1250 gain plus $5,000 section 1231 gain \$46,761 ordinary incocte $43761 ordinary income pius 55.000 section 1231 gain \$48,761 rection 1231 gain
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