QUESTION 12 In year 0, Javens, Inc. sold machinery with a fair market value of $375,000 to Chris. The machinery's original basis was $317,000 and Javens's accumulated depreciation on the machinery was $50,000, so its adjusted basis to Javens was $267,000. Chris paid Javens $40,000 immediately (in year 0) and provided a note to Javens indicating that Chris would pay Javens $55,833 a year for six years beginning in year 1. What is the amount of the gain that Javens will recognize in year 0 (ordinary and 1231 gain)? QUESTION 13 In year 0, Javens, Inc. sold machinery with a fair market value of $375,000 to Chris. The machinery's original basis was $317,000 and Javens's accumulated depreciation on the machinery was $50,000, so its adjusted basis to Javens was $267,000. Chris paid Javens $40,000 immediately (in year 0) and provided a note to Javens indicating that Chris would pay Javens $55,833 a year for six years beginning in year 1. What is the amount of the gain that Javens will recognize in year 1 (ordinary and $1231 gain)? Click Save and Submit to same and subunit Clic 3 points Save Answ 2 points Save Answer