Jake purchased a $165,000 crane for his construction business. He sold the crane for $135,000 after taking $92,400 of depreciation. Assume Jake is in the 33% tax rate bracket. a. On what form would the gain or loss originally be reported? Form 4797 Form 4562 Form 1040 Form 1116 b. What is the amount of gain or loss on the sale? c. What amount of the gain or loss is subject to ordinary tax rates?

I know it's form 4797 I think it's a gain of $62,400 But unsure on the last question.