recognized gain on July 10, 2023, and it was purchased on August 21, 2022, does Section 1245 recapture apply to the asset? Explain.

To answer this question fully, please address the following in your post.

1. What are the requirements for an asset to be subject to Section 1245 recapture?
2. What are the implications of Section 1245 recapture?
3. Does Section 1245 recapture apply to depreciable equipment used in a business and sold at a recognized gain on July 10, 2023 if it was purchased on August 21, 2022?