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Patricks Vegetable Industries (a sole proprietorship) sold three 1231 assets on October 10, 2017. Data is below. Asset Cost Acquired Depreciation Sold for Rack $105,000
Patricks Vegetable Industries (a sole proprietorship) sold three 1231 assets on October 10, 2017. Data is below.
| Asset | Cost | Acquired | Depreciation | Sold for |
| Rack
| $105,000 | 10/30/2006 | $70,000 | $85,000 |
| Forklift | $37,000 | 10/17/2008 | $17,000 | $4,000 |
| Elevator | $94,000 | 4/17/2009 | $43,000 | $74,000 |
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These were Patricks only 1231 transactions during the year. Assuming he has no non-recaptured 1231 losses from prior years, what is the amount and character of gain recognized by Patrick?
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