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Whitson sold fully-depreciated machinery for $5,000. He also sold another machine at a loss of $1,000. What is the result of these transactions for Whitson?
Whitson sold fully-depreciated machinery for $5,000. He also sold another machine at a loss of $1,000. What is the result of these transactions for Whitson? $5,000 long-term capital gain and $1,000 ordinary loss $4,000 ordinary income $4,000 long-term capital gain $5,000 long-term capital gain
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