Solved: Bob sold business-use machinery for 26000 on december 31, Accounting Basics

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Bob sold business-use machinery for 26000 on december 31

Problem

Bob sold business-use machinery for $26,000 on December 31, 2007. The machinery had been purchased on Januiary 2, 2004 for $30,000 and had an adjusted basis of $21,000 at the date of the sale. Please show work.

What is the 1231 gain from this transaction?

What is the 1245 recapture gain from this transaction?

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Accounting Basics: Bob sold business-use machinery for 26000 on december 31

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Accounting Basics: Bob sold business-use machinery for 26000 on december 31

Reference No:- TGS02605532

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