Problem based on the macrs depreciation, Accounting Basics

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Problem based on the macrs depreciation

Question: Phillip purchased business equipment for $100,000 in 2015 and has taken $40,000 of regular MACRS depreciation. Phillip sells the equipment in 2022 for $80,000. What is the amount and character of Phillip's gain or loss? Group of answer choices Sec. 1231 gain $20,000 Sec. 1231 loss $20,000 Sec. 1245 gain $20,000 Sec. 1245 gain $10,000 Sec. 1231 gain $10,000 Sec. 1245 gain $20,000 Sec. 1231 gain $20,000

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Accounting Basics: Problem based on the macrs depreciation

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