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Please answer the following: Select Properties Sold that are Section 1245: There are mulitple answers please select all the correct ones Wine Collection Marketable Securities

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Please answer the following:

Select Properties Sold that are Section 1245: There are mulitple answers please select all the correct ones

  1. Wine Collection
  2. Marketable Securities
  3. Office Tables
  4. Business Equipment
  5. Land of Investment
  6. Truck
  7. Office Chairs
  8. Storage Building
Dean and Ellen Price are married and have a manufacturing business. They bought a piece of business equipment (7-year personal property) on 4/1/2018 for $50,000. Use half-year convention to calculate the MACRS depreciation deduction on the equipment for 2018 and 2019 They also has a pick-up truck used for business (5-year recovery period) acquired on 8/23/2018 for $25,000. On 11/15/2019, he sold the pick-up truck for $24,000. Use the half-year convention to calculate the MACRS depreciation on the truck for 2018 and 2019. On 10/26/2019 Dean sold his old storage building used for his business for $220,000. They purchased the building in 2001 for $100,000. Total depreciation (accumulated depreciation) taken on the building is $20,000. His 2019 Business income and expenditures (Schedule -C): Sales $657,500 Cost of goods sold Other business expenses (incl. deprecation taken on the storage building) $315,000 $140,000 In 2019 Dean also sold various assets. The information about the selling price and depreciation of the property is listed below. In 2019 Dean sold his wine collection for $9,000, which is bought two years ago for $8,000. They also has a short-term capital loss carryover of $10,000 from 2009

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