A taxpayer acquired business equipment three years ago costing $110,000. MACRS depreciation of $50,000 has...
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Accounting
A taxpayer acquired business equipment three years ago costing $110,000. MACRS depreciation of $50,000 has been taken. The equipment was sold for $117,000. If no other sales occurred during the year, how much of the gain is Section 1231 gain taxed as LTCG? $57,000. $50,000. $0. $7,000.
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