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answer questions 6a &b

7a & b

8a & b

The company has a list of equipment they sold during the tax year. Please review the list and answer the questions below: Equipment MACRS Year Property Luxury Car 5 Year Property Computer 5 Year Property Furniture 7 Year Property Cost Accumulated Sales Price Depreciation S36,000 $12,000 $20,000 S1,200 $1,200 $200 S25,000 $20,000 $10,000 6. What will be the tax treatment as follows for the sale of the Luxury Car a. Calculate the realized Gain or Loss (5pts): b. What will be the character and amount of the Recognized gain? (10 pts) Luxury Car Code Section Character Amount 1231 1245 1250 7. What will be the tax treatment as follows for the sale of the Computer? a. Calculate the realized Gain or Loss (5 pts): b. What will be the character and amount of the Recognized gain? (10 pts) Computer Code Section Character Amount 1231 1245 1250 8. What will be the tax treatment as follows for the sale of the Furniture a. Calculate the realized Gain or Loss (5 pts): b. What will be the character and amount of the Recognized gain? (10 pts) Furniture Code Section Character Amount 1231 1245 1250