Required information unt of any depreciation recapture (DR), capital gain (CG), or capital loss (CL) generated by each event described below. Use the result to determine the income tax effect, if Te# 30596 Earthmoving equipment purchased for $120,000 was depreciated using Modified Accelerated Cost Recovery System (MACRS) over a 5-year recovery period. It was sold at the end of the fifth year of ownership for $16,000 The amount of depreciation recapture (DR) generated is determined to be $6912 The amount of taxes generated is determined to be $ [277184