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Taxpayer bought machinery at a cost of $30,000 in january 1,2015; sold machinery at $50,000 in january 20199. Accumulated Depreciation equals $25,000 with excess depreciation
Taxpayer bought machinery at a cost of $30,000 in january 1,2015; sold machinery at $50,000 in january 20199. Accumulated Depreciation equals $25,000 with excess depreciation of $10,000. what are the tax consequences. please show the calculation of adjusted tax basis and the type of recognize gain from sale. what is the amount of 1245 depreciation gain; 1250 gain, 1231 gain and 25% unrecaptured gain
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