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On August $1$ of year $0,$ Dirksen purchased a machine for $$23,750$ to use in its business. On December $4$ of year $0,$ Dirksen sold the machine for $$21,500.$ Use MACRS Table.

Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.

b$.$ Dirksen depreciated the machinery using MACRS $($seven$-$year recovery period$).$ What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January $15$ of year $1$ instead?

$\backslash$table$[[$Description$,$Amount$],[$Total Gain or $($Loss$)$ Recognized,$],[$Character of Recognized Gain or $($Loss$),],[$Ordinary Gain or $($Loss$),],[$$$1231$ gain or $($loss$),]]$