Problem 8-38 (LO. 6, 7) Copper Industries (a sole proprietorship) sold three 1231 assets during 2023. Data on these property dispositions are as follows: Asset Rack Forklift Bin Asset Rack 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. Total Amount of Gain or Loss Amount of 1245 Recapture Forklift Accumulated Cost Acquired Depreciation Sold For Sold On" Bin $110,000 10/10/20 45,000 10/16/19 97,000 03/12/22 Copper has $ $70,000 $55,000 10/10/23 21,000 15,000 10/10/23 31,000 60,000 10/10/23 Character of Gain or Loss of due to 1245 recapture and $ Balance of Gain or Loss of 1231 b. Assuming that Copper has $6,000 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.

Copper Industries (a sole proprietorship) sold three 51231 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 recognired gain or loss from the disposition of each asset. Copper has 1 of due to 51245 recapture and 5 of 5.1231 b. Assuming that Copper has $6,000 nonrecaptured net 51231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain