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Marshall, Inc. sold business assets during 2019: Equipment - Date acquired: 5/3/2014: Date sold: 6/20/2019: Original cost: $80,000; Adjusted basis on date of sale: $0;

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Marshall, Inc. sold business assets during 2019: Equipment - Date acquired: 5/3/2014: Date sold: 6/20/2019: Original cost: $80,000; Adjusted basis on date of sale: $0; Sales price: $30,000. Machine - Date acquired: 6/1/2019: Date sold: 8/30/2019: Original cost: $20,000; Adjusted basis on date of sale: $2,000; Sales price: $15,000. Computer - Date Acquired: 6/13/2018: Date sold 9/12/2019: Original cost: $1,500; Adjusted basis on date of sale: $1,200; Sales price: $1,000. Identify the amount in $) and the character of the gain or loss (answer: ordinary, capital or Section 1231) for each asset that was sold. Equipment - The amount of the recognized gain or loss is and the character of the recognized gain or loss is (answer: ordinary, capital, or Section 1231) Machine - The amount of the recognized gain or loss is and the character of the recognized gain or loss is (answer: ordinary, capital, or Section 1231) Computer. The amount of the recognized gain or loss is and the character of the recognized gain or loss is (answer: ordinary, capital, or Section 1231)

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