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Janice purchased used equipment in August two years ago for her bike shop. She did not purchase any other depreciable assets that year. She purchased
Janice purchased used equipment in August two years ago for her bike shop. She did not purchase any other depreciable assets that year. She purchased the equipment for 6,557, but this year decided she didn't need it anymore. She sold the equipment in February of this year for 7,970. How much gain (regardless of character) must she recognize on the sale? She did not elect Bonus or 179 on the equipment.
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