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In July, Tommy sold a printing press used in his business that originally cost him $10,000 for $8,000. His adjusted basis at the time of
In July, Tommy sold a printing press used in his business that originally cost him $10,000 for $8,000. His adjusted basis at the time of the sale was $3,000, and Tommy paid $1,000 in selling expenses. What is the amount of the realized gain that would be ordinary income under Sec. 1245?
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