QUESTION 4 Truffles, Inc is a chocolate store This year, it sells a chocolate tempering machine that qualifies as a 1231 asset for $60,000 Truffles purchased the machine two years ago for $50,000, has taken $20,000 of depreciation deductions, and has been using it in its business the entire time Last year, Truffles had a $5,000 net loss from the sale of a different 1231 asset This year, Truffles also has a net long term capital loss of $20,000, not accounting for the sale of the tempering machine You are Truffles CPA Based on these facts, what does Truffles report on its federal income tax return

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QUESTION 4 Truffles, Inc  is a chocolate store  This year, it sells a chocolate tempering machine that qualifies as a 1231 asset for $60,000  Truffles purchased the machine two years ago for $50,000, has taken $20,000 of depreciation deductions, and has been using it in its business the entire time  Last year, Truffles had a $5,000 net loss from the sale of a different 1231 asset  This year, Truffles also has a net long term capital loss of $20,000, not accounting for the sale of the tempering machine  You are Truffles CPA  Based on these facts, what does Truffles report on its federal income tax return

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QUESTION 4 Truffles, Inc. is a chocolate store. This year, it sells a chocolate tempering machine that qualifies as a 1231 asset for $60,000. Truffles

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