Copper Industries (a sole proprietorship) sold three § 1231 assets during 2021. Data on these property dispositions are as follows: 

a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset.

b. Assuming that Copper has $6,000 nonrecaptured net § 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain.

Transcribed Image Text:

Asset Rack $110,000 Forklift Bin Cost Acquired 10/10/18 10/16/17 03/12/20 45,000 97,000 Accumulated Depreciation $70,000 21,000 31,000 Sold for $55,000 15,000 60,000 Sold on 10/10/21 10/10/21 10/10/21