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Travis purchased machinery on March 1, 2016, for $35,000. He used the machinery 100% in his small business until October 15, 2019, when he sold
Travis purchased machinery on March 1, 2016, for $35,000. He used the machinery 100% in his small business until October 15, 2019, when he sold it. He properly took $22,000 of depreciation expense for the tax years 2016 through 2019. Identify the amount and character of recognized gain/(loss) for this particular transaction:
Question: If sold for cash of $37,000...
the amount of Section 1231 gain or loss recognized is
and the amount of Ordinary gain or loss recognized is
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