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please show work and explain answer Copper Corporation sold machinery for $47,000 on December 31, 2019. The machinery had been purchased on January 2, 2016,
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Copper Corporation sold machinery for $47,000 on December 31, 2019. The machinery had been purchased on January 2, 2016, for $60,000 and had an adjusted basis of $41,000 at the date of the sale. For 2019, what should Copper report? a. Ordinary income o f $6,000. b. A 1231 gain of $6,000. c. A 1231 gain of $6,000 and $3,000 of ordinary income. d. None of these.
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