Question
Lets now assume Teton sells the machinery for $850,000. If the original basis was $710,000 and the accumulated depreciation was $450,000, What is the amount
Lets now assume Teton sells the machinery for $850,000. If the original basis was $710,000 and the accumulated depreciation was $450,000, What is the amount of the gain Teton would recognize on this sale?
What is the character of the above gain?
| A | All Ordinary Income | |
| B | All Long-term Capital Gain | |
| C | Ordinary income for the depreciation recapture and long-term capital gain for the rest |
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
