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Home Corp sold a machine for $50,000. Home Corp bought the machine for $55,000 several years ago and took $12,500 depreciation on the machine. What
Home Corp sold a machine for $50,000. Home Corp bought the machine for $55,000 several years ago and took $12,500 depreciation on the machine. What is the amount and character of Home Corp in profit or loss? $7,500, ordinary profit $7,500, §1231 loss Neither option is correct $7,500, capital gain $5,000, §1231 loss
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