1. Benny owns Reneta, Inc., that has a 2021 net 1231 gain of $84,000...
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Accounting
1. Benny owns Reneta, Inc., that has a 2021 net 1231 gain of $84,000 and had a $68,000 net 1231 loss in 2020.
Determine the amount of ordinary gain in 2021.
2. Vireo Corporation purchased a machiney on June 12, 2009, for $82,000 and had an adjusted basis of $58,000 at the date of the sale. The corporation sold machinery for $63,000 on July 31, 2021.
Determine the ordinary income amount in 2021 tax return. Determine the treatment of the above ordinary income:
(Select one of the choices and enter to the box: 1231 gain, 1231 loss, 1245 gain, 1245 loss, 1250 gain, 1250 loss, short term capital loss, short term capital gain, long term capital gain, long term capital loss)
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