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Problem 14-72 (LO. 7, 8, 9) Siena Industries (a sole proprietorship) sold three 1231 assets during 2023. Data on these property dispositions are as follows:
Problem 14-72 (LO. 7, 8, 9) Siena Industries (a sole proprietorship) sold three 1231 assets during 2023. Data on these property dispositions are as follows: If an amount is zero, enter " 0 ". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Siena has $X of due to 1245 recapture and $x of 1231 Feedback Check My Work b. Assuming that Siena has no nonrecaptured net 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain. $
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