Lets now assume Teton sells the machinery for $850,000. If the original basis was $710,000...
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Accounting
Lets now assume Teton sells the machinery for $850,000. If the original basis was $710,000 and the accumulated depreciation was $450,000, What is the amount of the gain Teton would recognize on this sale?
What is the character of the above gain?
A
All Ordinary Income
B
All Long-term Capital Gain
C
Ordinary income for the depreciation recapture and long-term capital gain for the rest
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