Solved: Blue company sold machinery for 55000 on december 23 2007, Taxation

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Blue company sold machinery for 55000 on december 23 2007

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?

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Taxation: Blue company sold machinery for 55000 on december 23 2007

Reference No:- TGS02605831

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Taxation: Blue company sold machinery for 55000 on december 23 2007

Reference No:- TGS02605831

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