Problem: Anne is a sole proprietor. She purchased a computer for $1500 in May of 2019. She depreciates the computer using a mid-year (half year) convention over a 5 year useful life. (Assume that neither bonus nor Section 179 depreciation was taken) Business use of this asset is 80%. In November 2021, she sold the computer for $300. What is the amount of recognized gain or loss on this asset sale, and what is the character of that gain or loss?
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