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i would like an explanation pls n thanks :) capital gain! [12] John owned a printing business and sold the following assets in 2021: Printing
i would like an explanation pls n thanks :)
capital gain! [12] John owned a printing business and sold the following assets in 2021: Printing press: Sales price $25,000 Original cost 20,000 Allowed or allowable 8,000 depreciation Computer equipment: Sales price $30,000 Original cost 28,000 Allowed or allowable 14,000 depreciation John had a net Sec. 1231 loss of $6,000 in 2020. What is the amount and character of John's gain for 2021? A. $14,000 ordinary income: $15,000 capital gain. B. $22,000 ordinary income: $7,000 capital gain. C. $28,000 ordinary income: $1,000 capital gain. D. $0 ordinary income: $29,000 capital gain Step by Step Solution
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