Depreciation. Yunqi is a professional violinist and is self-employed. She bought a Stradivarius violin in...
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Depreciation. Yunqi is a professional violinist and is self-employed. She bought a Stradivarius violin in March of 2017 for $200,000. She used the violin in performances throughout the rest of 2017, all of 2018 and part of 2019. In September of 2019, she sold the violin for $230,000. Yunqi took depreciation deductions for the violin each year. Total depreciation at the time of the sale was $95,050. What is the amount and character of her income from the sale? 0 $125,050 capital gain O $95,050 ordinary income; $30,000 section 1231 gain $125,050 ordinary income $125,050 section 1231 gain
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