Problem 3 Gainesville LLC sold the following business assets during the current year: (1) machinery, $20,000 cost basis, $14,000 depreciation, proceeds $32,000; (2) automobile, $35,000 cost basis, $12,000 depreciation, proceeds $27,000; (3) equipment, $15,000 cost basis, $10,000 depreciation, proceeds $4,000; (4) computer equipment, $15,000 cost basis, $6,000 depreciation, proceeds $5,000. Compute the gain on the above sales and the character of the gain (15). Edit View Insert