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Problem

Blue company sold machinery for $55,000 on December 23, 2007. The machinery had been acquired on April 1, 2005 for $49,000 and its adjusted basis was $14,000.

What is the 1231 gain from this transaction?

What is the 1245 recapture gain from this transaction?

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M92638687
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