Amount of ordinary income to be reported from the sale


A C corporation acquired a machine for $100,000 and placed it in service on August 15, 2007. The corporation elected S corporation status at the beginning of 2011. On February 13, 2012, the property was sold for $40,000, payable in four yearly installments of $10,000 plus interest. What is the amount of ordinary income to be reported from the sale?

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Accounting Basics: Amount of ordinary income to be reported from the sale
Reference No:- TGS046684

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