Assignment Task: Asset Sale
Furniture purchased in 2020 per invoice #12 from Sticks and Pucks, Inc., was sold on July 29, 2022, for $15,000. The correct adjusted basis, current gain, and Section 1245 recapture are $13,118, $1,882, and $1,882 respectively.
Choose an option below: [Original text]
1. The correct adjusted basis, current gain, and Section 1245 recapture are $13,118, $1,882, and $1,882 respectively.
2 The correct adjusted basis, current gain, and Section 1245 recapture are $13,118, $1,882, and $0 respectively.
3. The correct adjusted basis, current gain, and Section 1245 recapture are $9,600, $5,400, and $5,400 respectively.
4. The correct adjusted basis, current gain, and Section 1245 recapture are $16,290, $0, and $0 respectively.