Question
Leo Gallagher is a traveling comedian, musician, and philosopher. In September of 2019, a truck he had used for several years to transport watermelons for
Leo Gallagher is a traveling comedian, musician, and philosopher. In September of 2019, a truck he had used for several years to transport watermelons for his business was totally destroyed in a sudden accident. His insurance reimbursed him $6,000 for the truck, which had adjusted basis of $5,000 and FMV of $9,000. In addition, he disposed of the following assets during 2019, and they all were solely used in the trade or business:
| Asset | Purchased | Sold | Cost | Accumulated Depreciation | Sale Price |
| Sledge Hammer | 3/10/2016 | 06/17/2019 | $3,000 | $1,000 | $6,000 |
| Office Furniture | 7/18/2015 | 02/02/2019 | $20,000 | $12,000 | $6,000 |
| Equipment | 10/14/2017 | 10/30/2019 | $230,000 | $11,800 | $250,000 |
For each asset/transaction, list BOTH the amount(s) and the character(s) of any gain(s) or loss(es)
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