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Three years ago, Cheryl bought office furniture for a total cost of $12,500. Additionally, freight and delivery costs amounted to $700. Using MACRS, Cheryl has
Three years ago, Cheryl bought office furniture for a total cost of $12,500. Additionally, freight and delivery costs amounted to $700. Using MACRS, Cheryl has taken $7,400 of cost recovery. Today, Cheryl has sold this furniture for a price of $9,000. What is the nature and character of the gain?
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