Problem 7-47 (LO 7-5) 4 Jake purchased a $165,000 crane for his construction business. He sold the crane for $135,000 after taking $92,400 of depreciation Assunte Jake is in the 356 tax rate bracket Required: On what form would the gain or loss originally be reported? b. What is the amount of goin or loss on the sale? c. What amount of the gain or loss is subject to ordinary tax rates? Recuired A Recured Required Or what form would the gener los original berte Ganoderm 4 Problem 7.47 (LO 7.5) Jake purchased a $165.000 crane for his construction business. He sold the case for $135.000 after taking $92400 of depreciation Assume Jake is in the 35%tax rate bracket Required a On what fomm would the gain or loss orginally be reported? b. What is the amount of griner loss on the sale? What amount of the gain or loss subject to ordinary sex tates? Required Regut Berec wat is the amount of gain or loss on the sale! Problem 7.47 (LO 7-5) 4 Make surchased a $165,000 crane for his construction business. He sold the Crane for $95.000 ahor taking $92,400 of depreciation Assume Jake is in the 35tax rate track Required Or what form would the pain or ons eiginly be reported What is the amount of gain or loss on the sale! What amount of the gain or loss is ct to ordinary tax rates How Wet out of the oris object to ordinary to Antrar